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Moove raised $105 million in Series A2 financing. This round represents the company’s largest to date Indiasinghtechcrunch. We take a look at the round and discuss the key takeaways, as well as next steps for the startup.
Moove raises $105 million in Series A2 financing
Moove is an African mobility fintech. It provides vehicle financing in low-access markets. The startup’s goal is to “democratize” vehicle ownership in Africa. Currently, less than one-third of new vehicles sold in Africa are financed.
Moove uses alternative credit scoring technology to finance a customer’s vehicle. It provides financing on a percentage of weekly revenue. Loans range from 12 to 48 months and have interest rates of 8 to 13 percent.
According to the Moove Chief Executive, the company has enabled over 3 million trips in financed vehicles across the continent. This includes motorcycles, two-wheelers, and trucks. Moove plans to expand its offerings to include more types of vehicles and increase partnerships with OEMs.
According to Moove’s chief executive, Ladi Delano, the startup’s goal is to close the vehicle financing gap in Africa. In order to do this, it plans to expand into seven new markets in Asia and Europe.
To date, Moove has signed up thousands of mobility entrepreneurs and connected them with marketplaces. As part of its strategy, the company is also working on more sustainable EV solutions for African drivers. However, Delano didn’t disclose any hard numbers on how many drivers are using the platform.
Moove’s model is a breakthrough that can be applied to any market. It is already helping to address the continent’s acute problem of limited access to vehicle financing. With its recent funding, Moove will be able to scale up its vehicle financing model to seven new markets in six months.