Nigerian Mobility Fintech Moove Raises USD 30 Mn Debt Round

Nigeria’s mobility fintech company Moove, Uber’s largest vehicle supply partner in EMEA, has raised USD 30 Mn from a debt sukuk issuance to fund its expansion into the United Arab Emirates (UAE). The issuance of the Shari’ah-compliant notes or “sukuk” has been privately placed and structured as a sukuk al- istisna, a Shari’ah-compliant contract for the order to manufacture electric vehicles (EVs). 

Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, allowing mobility entrepreneurs access to proprietary performance and revenue analytics 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 signing up. Moove will use the funds to scale to 2,000 EVs in the UAE over the coming year, creating sustainable economic opportunities, whilst accelerating the electrification of mobility and enhancing the ride-hailing passenger experience in the region.