Moove secures $10m in first external debt funding round led by Stride Ventures

Moove secures $10m in first external debt funding round led by Stride Ventures

Mobility FinTech firm, Moove, has successfully raised $10m in a debt round from Stride Ventures.

The newly acquired funds will be instrumental in Moove’s strategic plan to broaden its reach within India, according to a report from Entrackr. The company intends to use the investment to expand into new cities, including Delhi, Pune, and Kolkata. This expansion is not just geographical but also operational, as Moove aims to increase its fleet size to over 5,000 vehicles.

Moove, founded in 2020 by Ladi Delano and Jide Odunsi, is revolutionising the global mobility sector. By integrating alternative credit-scoring technology onto ride-hailing platforms, Moove is addressing a critical gap in financial services. This unique approach enables the company to provide loans to customers who have traditionally been excluded from such services, thereby fostering financial inclusion and mobility access.

Operating across nine markets in Africa, the Middle East, Europe, and Asia, Moove has made a significant impact on the mobility landscape. The company boasts a partnership with Uber, serving as its vehicle supply partner in the EMEA region and its largest global fleet partner. To date, Moove-financed vehicles have facilitated over 30 million trips worldwide, demonstrating the scalability and effectiveness of its business model.

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