Moove, a mobility fintech start-up has raised R340 million to provide financing to Uber drivers to buy cars across South Africa, Ghana and Nigeria.
The mobility company seeks to expand its tech-based vehicle financing platform in the African Continent.
Moove is Uber’s strategic vehicle financing and vehicle supply partner in sub-Saharan Africa, with Moove-financed cars having completed more than 850 000 Uber trips.
The funding round, which takes the total capital of Moove to $68.2 million (R1 billion), was led by Speedinvest and US-based Left Lane Capital, with the participation of its existing investor, Emso Asset Management.
“One of our commitments is to ensure that 60% of all the cars we finance are either electric vehicles (EV) or hybrid cars, the British-born Nigerian said.
The company uses data on ride-hailing platforms, such as earnings and performance, to make credit decisions for lending to the drivers, co-founder Ladi Delano said in interview. Moove entered into a partnership with Uber in July last year.
“Moove is the first investment in Africa for many of its US-based venture capital backers, underscoring the opportunity for a platform like Moove to address the continent’s vehicle financing gap,” the company said in a statement.