Moove Africa, the tech startup that has transformed the traditional financial services industry, has raised $105 million in Series A2 funding Twittersinghtechcrunch. Though the company is currently debt-free and has equity in the balance, its growth is still slow and its model hasn’t been able to keep up with market demand.
Moove raises $105 million in Series A2
Moove, a mobility fintech company, has secured $105 million in Series A2 funding from investors, including Latitude, Kreos Capital, and AfricInvest. This funding will enable Moove to expand its footprint to more markets and partner with more companies.
Moove is disrupting the traditional financial services industry by providing revenue-based vehicle financing in low-credit markets. The company has pioneered this model in Africa, and is now expanding it into other regions around the world.
Moove has financed more than three million rides in Moove-financed vehicles in Africa, covering more than 25 million kilometers. It is also working on sustainable EV solutions for gig drivers in Africa.
Moove’s vehicles can be used in ride-hailing, courier, and logistics services. The company plans to expand its offerings to include trucks. In the coming years, it plans to finance at least 60 percent of Moove-financed vehicles as electric or hybrid cars.
Moove aims to address the issue of affordability for a new generation of mobility entrepreneurs. As part of this, the company is committed to providing financing for at least 50 percent of women customers.
Moove is disrupting traditional financial services
Moove is a fintech company that provides revenue-based vehicle financing to mobility entrepreneurs in Africa. Using alternative credit scoring technology, Moove embeds the financing model into e-logistics and ride-hailing platforms. Moove is the only vehicle financing partner for Uber in Sub-Saharan Africa. It also serves as the exclusive vehicle supplier for the company.
Moove’s business model helps solve the continent’s acute problem of limited access to vehicle financing. Traditionally, financing for vehicles is provided through traditional lending methods, which requires collateral. However, many Africans do not have the collateral required to acquire a loan, and so the continent is missing out on its opportunity to invest in new vehicles. Moove has helped to formalize this space, giving millions of people the chance to access the vehicles they need.
Moove offers three types of products: cars, lorries and bikes. It offers a revenue-based financing model and uses proprietary mobility analytics to underwrite loans. By leveraging its alternative credit scoring model, Moove provides a fast and simple way for mobility entrepreneurs to access funds. Moove also sells brand-new vehicles.