African mobility startup Moove secures $8m from Absa for Ghana expansion

July 10, 2023

African mobility startup, Moove, renowned for providing revenue-based vehicle financing to mobility entrepreneurs and democratising vehicle ownership across Africa, has procured a funding of $8m from Absa Corporate and Investment Banking.

This move is a stride towards expanding its vehicle fleet in Ghana, according to a report from Tekedia.

The latest investment propels Moove’s total funding from Absa to $28m, marking a significant increase from the previous $20m raised in July 2022.

Moove’s business model revolves around supporting mobility entrepreneurs by offering accessible vehicle ownership. This is achieved through revenue-based financing which breaks down the economic barriers to employment and encourages a rising class of mobility entrepreneurs. The startup also prides itself in offering fuel-efficient Suzuki vehicles which are assembled in Ghana.

The new funding will be channeled towards increasing the existing fleet of Suzuki vehicles, thus fostering job opportunities for Ghana’s emerging entrepreneurs. This aligns with Moove’s mission to eliminate barriers to employment opportunities and empower Ghana’s evolving class of mobility entrepreneurs.

Further details reveal Moove’s significant alliance with CFAO Motors, Africa’s largest automotive distribution network, formed in 2022. This partnership positions Moove to expand its fleet rapidly by supplying a range of Suzuki models across Ghana and Nigeria. The firm has also pledged to ensure that at least 60% of the vehicles it finances are EVs or hybrid models.

Moove’s country manager for Ghana, Jephthah Datsomor, expressed his delight in strengthening the partnership with Absa, which has played a crucial role in accelerating Moove’s growth since becoming their first bank partner in 2022. He further commented on their shared commitment to drive local economies forward.

Ellen Ohene-Afoakwa, Managing Principal for Corporate and Investment Banking Ghana, also spoke on Absa’s investment in Moove, highlighting the responsibility they bear as one of Africa’s largest financial services groups to leverage innovative technologies for empowering more people across the continent.

Moove was founded in 2020 by Ladi Delano and Jide Odunsi and has since garnered over 50% month-over-month growth since its inception. As of 2022, Moove-financed cars have completed over 2.6 million trips with over 30 million kilometers travelled across 6 markets.