Fintech Company Moove Raises USD 105 Mn To Scale

Moove, an African mobility fintech that provides vehicle financing to drivers of ride-hailing platforms like Uber and other gig networks, has raised USD 105 Mn in new Series A2 financing. Existing investors Speedinvest, Left Lane Capital, and thelatest.ventures led this round shared between USD 65 Mn equity and USD 40 Mn debt. New investors such as AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital participated.

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