Launched in 2020, Moove Africa provides vehicle financing to customers to purchase new vehicles for ride-hailing, logistics, and deliveries. It uses a credit scoring system taken from a percentage of the customers’ weekly revenue. CEO and co-founder Ladi Delano created the company to solve Uber’s lack of cars but more ride trip requests demand in Lagos, Nigeria. However, it recognized the need to finance vehicles for logistics and deliveries.
Moove is among a new generation of Nigerian-born startups expanding financial services all over Africa. It operates in six cities in Nigeria, Ghana, Kenya, and South Africa. It deals with new cars provides a flexible option for joining a ride-hailing business without borrowing cars from car owners or taking bank loans to buy from dealerships.
Moove wants to provide a long-term fix through vehicle financing for customers able to profit off owning cars – gig drivers or mobility entrepreneurs. It plans to expand to seven new emerging markets in Europe, Asia, & the Middle East in 6 months after raising $105 million in funding. The company aims to have 30% of the vehicles it finances be electric by 2023 and increase its female customers to at least 50%.
