Nigerian FinTech Moove gets backing from BII

Nigerian FinTech Moove has secured $20m from British International Investment (BII), the UK government’s Development Finance Institution (DFI).

Moove is on a mission to mobilise capital and build self-sufficiency and market resilience in Nigeria, as well as improving access to inclusive economic opportunities whilst helping to catalyse the country’s boundless entrepreneurial ambition.

The company does this by democratising access to vehicle ownership and empower mobility entrepreneurs. 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.

The FinTech has also become the first business to qualify for BII’s BOLD (Black Ownership and Leadership Development) and 2X qualifications, which are both geared towards establishing a more inclusive approach towards investing.

Ladi Delano, co-founder and co-CEO at Moove, said, “We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.

With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”

Moove raised $10m in a funding round in March this year.

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