Moove, which stylises itself as the world’s first mobility FinTech company, has collected $20m in funding from Absa Corporate and Investment Banking.
This fresh capital puts the company’s total funding to-date at $200m since its launch in 2020.
With the capital, Moove plans to expand its vehicle financing offering to more customers in South Africa.
The platform was launched by Ladi Delano and Jide Odunsi, with the aim of democratising vehicle ownership across Africa by providing mobility entrepreneurs access to revenue-based financing markets with low access to credit.
By leveraging the alternative credit scoring technology, Moove provides vehicle financing to its customers to buy brand new vehicles using a percentage of their weekly revenue.
Moove claims to be Uber’s largest fleet vehicle supply partner in EMEA. It also has partnerships with other mobility marketplaces, including Glovo, Swvl, Sendy, and Kobo360.
Moove CEO and co-founder Ladi Delano said, “At Moove, we pride ourselves on being a mission-led company that empowers its customers to earn their way to asset ownership through a sustainable source of employment. In Absa, we’re delighted to have the funding which will enable us to serve more Africans looking for a path to economic prosperity.”
In an announcement revealing the fundraise, Moove stated that Statistics South Africa claims over a third of South Africans reported as being unemployed during the first quarter of 2022. Moove hopes to scale its services to create more jobs for mobility entrepreneurs to earn a living and own their vehicle.
The FinTech company previously raised $10m in a funding round from NBK Capital Partners in March 2022.
Funding in Africa hit a record high in 2021, with $2bn invested through 287 deals, according to data from FinTech Global.
Copyright © 2022 FinTech Global
