Nigerian Fintech Startup Moove Secures USD 10 Mn Debt Financing

Nigerian mobility fintech startup Moove, Uber’s exclusive vehicle financing, and vehicle supply partner in Sub-Saharan Africa, has secured USD 10 Mn in debt financing from NBK Capital Partners’ Mezzanine Fund II to enable it to expand across key markets.

Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, which allows access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans. Its model is to provide loans to its customers by selling them new vehicles and financing up to 95 percent of the purchase within five days of sign up.