Moove raises $105 million to expand its vehicle financing product across Asia, Europe, the Middle East and North Africa
- ByStartupStory | March 14, 2022
Over the next six months, Moove, an African mobility fintech, will raise $105 million in fresh Series A2 funding to provide car financing to Uber and other gig network drivers in seven new regions across Asia, Europe, the Middle East and North Africa (MENA).
The new cash follows a $10 million debt financing secured just a month ago and a $23 million Series A round in August of last year. The investment will be used to mimic its gig drivers in other vehicle classes, such as three-wheelers and buses, according to the business.
Existing investors Speedinvest, Left Lane Capital, and thelatest.ventures led the investment round, which also included new investors AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital. The firm, which was founded in 2020, now has offices in six African cities: Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan, and has raised a total of $174.5 million in funding.
Using its alternative credit scoring system, the platform claims to be democratizing vehicle ownership across Africa by giving mobility entrepreneurs access to revenue-based financing in markets where credit is scarce.
The revenue-based car finance platform claims it will expand this approach to other vehicle classes, such as three-wheelers and buses. While the new Series A2 round will help Moove scale across its current territories, it will also aid the company’s expansion into new countries outside of Africa.
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