Home » African mobility fintech company Moove secures $10mn financing from NBK Capital Partners

African mobility fintech company Moove secures $10mn financing from NBK Capital Partners

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* The new funding will primarily support Moove’s expansion across West Africa as the company pushes to address the major vehicle financing gap across the continent.

* Moove is Uber’s exclusive vehicle financing and vehicle supply partner in Sub-Saharan Africa.

Moove, the African mobility fintech company, has today announced the closing of a US$10 million financing facility from NBK Capital Partners, strengthening the company’s mission to democratise vehicle ownership across Africa.

The new funding will primarily support Moove’s expansion across West Africa as the company pushes to address the major vehicle financing gap across the continent.

Founded in 2019 by Ladi Delano and Jide Odunsi, Moove is an African mobility fintech democratising vehicle ownership by providing revenue-based vehicle financing to mobility entrepreneurs across Africa. The company provides vehicle financing for cars, bikes and lorries to mobility entrepreneurs across the continent through its alternative credit scoring technology and innovative revenue-based financing model.

The market opportunity is vast – Africa is home to 1.3 billion people, with 43 per cent in urban areas and growing, and in 2019 had fewer than 900,000 total new vehicle sales compared to 17 million in the U.S. Moove, which is Uber’s exclusive vehicle financing and vehicle supply partner in Sub-Saharan Africa currently operates in six cities across Ghana, Nigeria, South Africa, and Kenya, with plans to expand further across the continent.

“We are very excited to partner with Moove on its journey to transform access to credit for millions of people across the African continent,” said Yaser Moustafa, Chief Executive Officer of NBK Capital Partners. “The company is driven by strong founders who possess a unique, long-term vision for success, one built on the empowerment of individuals from every socioeconomic class across the region but also a genuine commitment to social and environmental sustainability.”

NBK Capital Partners Mezzanine Funds’ financing comes at a fantastic time for our company and is intelligently structured for our use case,” said Ladi Delano, Co-Founder and Chief Executive Officer, Moove. “This investment brings our total funding raised to date to US$ 78 million and will fuel our continued growth trajectory as we expand our regional operations to empower more mobility entrepreneurs.

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