Moove, an Africa-based mobility fintech has reportedly raised USD 105 million in the latest series A2 funding round. The firm offers vehicle financing to drivers on Uber as well as other ride-hailing platforms like gig networks.
This round was led by existing investors Left Lane Capital, Speedinvest, and thelatest.ventures, which was worth USD 65 million in equity and USD 40 million in debt. Kreos Capital, Latitude, AfricInvest, and MUFG Innovation Partners were among the new investors.
The news comes nearly seven months after the company completed its USD 23 million Series A round and a month after it ended a debt financing round worth USD 10 million.
Moove works by allowing drivers to sign up on the platform to access loans for renting or purchasing cars. The company gets these drivers registered on Uber and cuts weekly rental fees from their salaries before transferring the remaining amount to their accounts.
The revenue-based vehicle financing platform stated that it plans to expand its model to include gig drivers in other vehicle classes such as buses and three-wheelers. It is worth mentioning here that Moove plans to expand into seven new markets in Europe, Asia, and the Middle East over the next six months.
Ladi Delano, Co-Founder, and Co-CEO mentioned in a statement that the firm wants to continue having its first-mover advantage with the white space it has discovered through the latest funding round. Delano further stated that the investment will be used to develop a sustainable approach to launching EV solutions for its gig drivers in Africa and other new markets.
For those unaware, the start-up which was launched in 2020 is now present in six African cities including Johannesburg, Lagos, Cape Town, Accra, Nairobi, and Ibadan.
Moove, which deals with new cars, is a flexible option for drivers who want to get into the ride-hailing business without taking bank loans or borrowing from car owners.
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