According to the company, the financing facility will allow it to scale up its UK operations to have 10,000 electric vehicles (EVs ) on the road by 2025.
Over the past two years, fintech has been providing affordable vehicle financing to mobility entrepreneurs, enabling them to access new electric vehicles with no upfront costs or deposits.
Moove has scaled to nine markets across sub-Saharan Africa and India and is leading the charge in the mobility fintech sector. It has financed over 4.5 million ride-hailing workers in the UK alone.
The company recently launched in London with a 100% EV fleet in line with its mission to improve the driver experience and accelerate the electrification of mobility in the cities.
Read Also: Uber’s Electric Rides Now Available
Moove Comment on the Fund
The Co-Ceo and Co-founder, Lado Delano, said
“This financing comes at a really exciting time for Moove. We are looking forward to sealing up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.”
Moove is founded by British-born Nigerian entrepreneurs, Ladi Delano and Jide Odunsi in 2020 to give access to vehicle owners.
By embedding its alternative e-logistics and instant delivery platforms, Moove uses proprietary performance and revenue analytics. This is to underwrite loans to drivers that have previously been exempted from financial services.
It has enabled sustainable job creation and a path to asset ownership with its customers having completed over 9 million trips in Moove-financed vehicles.
We believe that with the money raised, Moove would implement the money to expand its territory to a more larger market. It will also partner with other big ride-hailing platforms to enable it to finance more drivers having access to its vehicles and also to acquire more. Hence the need for more seed funds.
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