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Nigerian mobility startup, Metro Africa Express (MAX) has raised a USD 31 Mn Series B from Lightrock, which was making its first investment in an African mobility startup. Other investors included UAE-based Global Ventures, Novastar Ventures and Proparco, a French development finance institution.
Founded in 2015, MAX was a delivery startup that used motorcycles to fulfil orders. It then pivoted to ride-hailing. Using data from its services, MAX pivoted again to vehicle financing in 2018 by partnering with commercial banks to extend vehicle purchase loans to drivers using the credit risk assessment data that it provides.