Moove, the Nigerian fintech start-up that also operates in South Africa, Kenya and Ghana, has announced its second major fundraising round in less than six months.
Following the news last August the Moove had raised US$23-million in series-A funding to expand its tech-based vehicle financing platform, the company announced on Tuesday that it has raised a further $10-million (R153-million) in funding.
Moove is Uber Technologies’ exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa.
The latest round has been provided by NBK Capital Partners Mezzanine Fund II. Moove is the sixth investment from the fund advised by NBK Capital Partners and the first investment in Africa by any fund under management by the company.
The growth facility will support Moove’s expansion in West Africa initially.
Founded in 2019 by Ladi Delano and Jide Odunsi, Moove provides revenue-based vehicle financing to “mobility entrepreneurs” (Uber drivers, for example) across Africa. The pair are British-born Nigerians, educated at the London School of Economics, Oxford University and the Massachessets Institute of Technology.
Moove provides vehicle financing for cars, bikes and trucks to entrepreneurs across Africa through an alternative credit scoring technology and revenue-based financing model. The company operates in six cities in Ghana, Nigeria, South Africa and Kenya, with plans to expand further across the continent. – © 2022 NewsCentral Media