Africa-focused vehicle financing app Moove nabs fresh investment

Moove, an African mobility FinTech platform, has raised $10m in fresh financing from NBK Capital Partners.

With the capital, the company plans to expand in West Africa. The company currently operates in six cities across Ghana, Nigeria, South Africa and Kenya.

Founded in 2019 by Ladi Delano and Jide Odunsi, Moove is aimed at democratising vehicle ownership by offering revenue-based vehicle financing to mobility entrepreneurs across Africa.

It provides vehicle financing for cars, bikes and lorries to mobility entrepreneurs and is Uber’s exclusive vehicle financing and  vehicle  supply  partner  in  sub-Saharan  Africa.

Delano said, “NBK Capital Partners Mezzanine Fund’s’ financing comes at a fantastic time for our company and is intelligently structured for our use case.

“This investment brings our total funding raised to date to $78m and will fuel our continued growth trajectory as we expand our regional operations to empower more mobility entrepreneurs. We are grateful to be working with a firm that supports our vision to build the first mobility fintech for Africa markets, tackling the problem of lack of access to credit for millions.”

This investment marks the sixth deal through the NBK Capital Partners Mezzanine Fund II. It is also the first investment the firm has made in Africa.

NBK CEO Yaser Moustafa said, “The company is driven by strong founders who possess a unique, long-term vision for success, one built on the empowerment of individuals from every socioeconomic class across the region but also a genuine commitment to social and environmental sustainability.”

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