Moove co-founders Ladi Delano and Jide Odunsi.

Mobility Fintech Moove, which provides revenue-based financing to mobility entrepreneurs across Africa, has raised US$105-million in an oversubscribed Series A2 round consisting of equity and debt.

The round was led by existing investors, Speedinvest, Left Lane Capital and the latest.ventures, with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.

Moove was launched in 2020 by Ladi Delano and Jide Odunsi, and seeks to democratise vehicle ownership across Africa by providing mobility entrepreneurs access to revenue-based financing in markets with low access to credit.

The company uses alternative credit scoring technology and thereby provides vehicle financing to its customers to purchase brand new vehicles using a percentage of their weekly revenue.

The Fintech firm says it has experienced overwhelming demand and exponential growth across Africa, with its Moove-financed vehicles having completed over 3 million rides covering more than 25 million kilometers.

The Series A2 round brings the total raised by the Fintech firm to US$174.5-million and Moove plans to rapidly scale its revenue-based vehicle financing model to seven new markets across Asia, MENA, and Europe over the next six months.

After securing seed-stage funding from Future Africa in 2019 and then raising US$23-million in an oversubscribed Series A round in August 2021, the company claims to be “leading the charge in the mobility Fintech” market.

According to the company, it will scale its revenue-based vehicle financing model to mobility entrepreneurs across Asia, MENA and Europe, and plans to expand its partnerships and vehicle classes to include cars, trucks, bikes, three-wheelers, and buses.

The company adds that the mobility space in emerging markets is often highly fragmented and informal, and that it “is helping to formalise how millions of people can participate in this economy to earn a living and own their vehicle.”

Delano said: “Less than two years ago we discovered this whitespace of mobility Fintech and launched Moove. Having now surpassed over 3 million trips in Moove-financed vehicles across Africa, launched in six new cities and connected thousands of ambitious mobility entrepreneurs to ride-hailing, e-logistics and instant delivery marketplaces, we’re now leading this growing category within Fintech. But there are still millions of budding mobility entrepreneurs in emerging markets across the world who have limited or no access to vehicle financing and marketplaces that are facing critical supply issues. With this new fundraise, we are well-positioned and well-funded to help solve this global problem.”

Julius Tichelaar, Partner at AfricInvest, said: “Ladi and Jide have proven that Moove has the potential to transform the lives of millions of people across the continent and we’re delighted to be supporting them as they expand Moove in Africa and beyond into more emerging markets. Through the AfricInvest FIVE Fund, we’re incredibly proud to be joining Ladi, Jide and all the Moovers on their exciting journey of disrupting financial services.”