Moove, which stylises itself as the world’s first mobility FinTech company, has raised £15m in debt funding.
This capital was supplied by Emso Asset Management.
These funds will be used to fuel its UK operations, after the successful launch of its new app in August.
The company launched an EV rent-to-buy model in London, which offers access to brand-new, zero-emissions vehicles to mobility entrepreneurs for a flat weekly fee. The fresh facility will help Moove scale up to 10,000 vehicles by the end of 2025. It also hopes to become the largest EV partner on Uber’s platform in London.
Moove was founded by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi and launched in Nigeria in 2020 to democratise access to vehicle ownership. Its services are available in nine markets across sub-Saharan Africa and India.
Its alternative credit scoring technology offers access to vehicle financing to customers that are traditionally excluded from financial services.
Moove co-founder and co-CEO Ladi Delano said, “This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we’re committed to solving at Moove.
“We’re looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.”
The company previously raised $20m in a funding round in July 2022. The capital was supplied by Absa Corporate and Investment Banking.
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