Nigerian Mobility Fintech Startup Moove Raises USD 20 Mn Funding

Nigeria-based mobility fintech startup Moove has raised USD 20 Mn in funding from the UK government’s development finance institution (DFI) British International Investment (BII), formerly known as CDC Group, which has made a four-year structured credit investment in Moove. The funding brings the total raised by the startup to just short of USD 200 Mn.

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 funding from BII will enable Moove to purchase and import brand new fuel-efficient cars into Lagos, which will be leased to drivers who can then earn their way to asset ownership over a three to four-year period. This will also alleviate one of the critical blockages to developing ride-hailing transportation infrastructure in Nigeria’s commercial capital.