The emerging fintech Moove has raised $30 million from a debut sukuk distribution for the UAE expansion.
- ByStartupStory | December 10, 2022
Moove the Nigerian based start up has raised $30 million from sukuk distribution. It is a finance company that offers vehicle financing to drivers of ride-hailing companies like Uber and other similar platforms. Moove has democratized vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs. This debut was coordinated by Franklin Templeton Investments. The major foremost of Moove is to build the massive electric vehicle ride-hailing fleet in the Middle East and African region.
The start-up was founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi. “This financing is a milestone for Moove – our first sukuk issuance which showcases our growth and sustainability as a global company. Equally important is that this furthers our mission to build the biggest EV ride-hailing fleet in the region, to drive forward mobility electrification and enable cities to reach their net-zero targets,” said Delano. Wade Arnold is the CEO and Bob Smith is the President of the company.
By this achievement of sukuk, Moov is planning to enter the UAE market which will allow it to move towards the wealth of Islamic investors basically in environmentally and socially responsible investments too. As a second move, they are launching the new EV charging app, Moove Charge in UAE. It is the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers. It helps customers to locate and display charge points compatible with their vehicle, show charge point availability in real-time, filter by charge speed, start and stop charging and wallet functionality.
It has launched in London and India earlier by aiming for close to 60% of the vehicles it finances to be electric. Its equity investors include Palm Drive Capital, AfricInvest, Kreos Capital, Speedinvest, Tekton Ventures, Left Lane Capital, and Clocktower Technology Ventures. They are more focused on making more sustainable economic opportunities that increase the electrification of African mobility and developing a ride-hailing passenger experience.
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