Nigerian Mobility Fintech Moove Closes USD 8 M Funding

Nigeria’s mobility fintech company Moove, Uber’s largest vehicle supply partner in EMEA, has secured USD 8 M in financing from Absa Corporate and Investment Banking (CIB), bringing its total funding to-date from the bank to USD 28 M, to expand its vehicle fleet in Ghana. Its latest funding from the bank will help in bolstering its existing fleet of brand-new, fuel-efficient Suzuki S-Presso vehicles, which will be assembled in Ghana. 

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. 

The company claims to have completed millions of rides in Moove-financed vehicles across six African markets – Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan, and three product categories, cars, trucks and motorbikes. The company has also expanded into Europe and India.