Moove, the mobility fintech start has raised $105 million in its latest seed round funding. The funds will be used to expand the company’s footprint in Europe, the Middle East and Asia.
The company was co-founded by Jide Odunsi and Ladi Delano in 2020. Now the startup has a presence in several African major cities such as Johannesburg, Lagos, Accra, Cape Town, Ibadan and Nairobi, Kenya.
CEO and co-founder Ladi Delano said Moove was initially started to solve a problem for Uber, which at the time had a lot of demand with people ordering trips but there were few drivers with cars in Lagos. It has since moved to finance vehicles for logistics and deliveries.
Speaking to Reuters, the Delano said, “The business has just been phenomenal. From the demand side, it has just been exponential since launch, pretty much every single month we have grown 50% month-on-month.”
Its expansion will see Moove extending financing to buses, trucks and three-wheelers and is expected to maintain the same level of growth this year, said Delano.
“One of the things that we found and we’re very excited about is that this problem of lack of access to financing for mobility entrepreneurs is not just unique to Africa,” said the co-founder, who started the company with co-CEO Odunsi.
On the company’s radar for the next six months are Asia, Europe, the Middle East and Africa [MENA].
“As you can see, this white space that we discovered on mobility fintech, we want to make sure that with this new funding round, we continue to have our first-mover advantage. We go into these new markets to build businesses and to meet our customers at their point of need,” Delano added.