To expand its operations in the UK, Moove, an African mobility fintech company that offers car finance to drivers of ride-hailing platforms like Uber and other gig networks, has raised £15M in funding from Emso Asset Management.
The mobility fintech was introduced in August in London with a 100% EV rent-to-buy model, providing access to new, zero-emission vehicles for mobility entrepreneurs for a set weekly cost. By the end of 2025, Moove will have the capacity to grow up to 10,000 cars, making it the largest electric vehicle (EV) partner on the Uber platform in London.
To democratize access to automobile ownership, entrepreneurs Ladi Delano and Jide Odunsi launched Moove in Nigeria in 2020. Moove is leading the charge in the “mobility fintech sector,” a white space it created to address the issue of limited access to vehicle financing for millions of gig workers in the ride-hailing, logistics, and instant delivery sectors, of which there are approximately 4.5M in the UK alone. Moove has nine markets under its belt across Sub-Saharan Africa and India.
Thanks to Moove’s alternative credit scoring approach, customers who may have previously been refused access to financial services can now finance a vehicle. Over the past two years, Moove customers have driven over 9M miles in vehicles they had financed through the company, paving the way for long-term job growth and asset ownership.
“This financing comes at a tremendously exciting time for Moove,” said Ladi Delano, co-founder, and co-CEO of the company. We’ve already demonstrated through our ongoing worldwide development in the UK and India that providing affordable and accessible vehicle financing for mobility entrepreneurs is a major problem that we at Moove are dedicated to resolving. We’re eager to expand our business in the UK so that drivers can switch to electric cars and advance the electrification of mobility.
Moove customers have taken over 9M journeys in automobiles financed by Moove, and the company has raised more than $200M to date.
Image Credit: Moove