MAX Raises USD 24 M To Scale Electric Mobility Financing In Africa

Metro Africa Xpress (MAX) has raised USD 24 M in a mix of equity and debt to scale its electric mobility financing business across West and Central Africa, following a return to profitability in Nigeria.

The equity round drew backing from Equitane DMCC, Novastar, and Endeavor Catalyst, alongside asset-backed debt from the Energy Entrepreneurs Growth Fund (EEGF) and other development finance partners.

The funding shows investor confidence in MAX’s pivot from conventional vehicle financing to an integrated electric mobility platform. Proceeds will be used to expand MAX’s EV fleet, grow its battery-swapping and clean energy infrastructure, strengthen its fleet management and IoT systems, and support regional expansion.

MAX, launched in 2015 by Adetayo Bamiduro and Chinedu Azodoh initially as a bike-hailing startup, says it is now profitable in Nigeria, its largest market, after a strategic reset in 2024 that included layoffs and tighter cost controls. The company aims to support 250,000 drivers by 2027 and surpass USD 150 M in annual recurring revenue, positioning electric mobility as a commercially viable model in Africa.