Moove 105M Series, the Korean manufacturer of electric vehicles, is gearing up to expand into the U.S. and raise capital, according to the company’s CEO, Kim Dong-Seok. With this expansion, Moove will also be able to produce electric vehicles that meet European emissions standards, according to a statement from the company. This will be a big boon for the company, which has a lot of debt and equity on the books. It will also allow Moove to bring its “mobility entrepreneurs” to the U.S., as the company believes that the country is ready for EVs.
Moove’s debt and equity
Moove’s debt and equity financing will help the startup expand into new markets. Founded by British-born Nigerians Ladi Delano and Jide Odunsi, the company provides revenue-based vehicle finance to mobility entrepreneurs in Africa. It’s currently present in six African cities, including Lagos, Ghana, and Nairobi.
The firm’s funding will allow it to develop more financial services products, expand its partnerships and target different platforms. As an example, the company will provide more affordable electric vehicles to gig drivers in Africa.
In addition, Moove plans to launch additional financial products this year. The firm will also invest in financing more female drivers.
Moove has been operating in South Africa, Nigeria, and Ghana. According to the company, it has financed more than three million rides in Africa. However, it hasn’t disclosed the number of its current customers.
Moove’s financing facility is provided by NBK Capital Partners’ Mezzanine Fund II, and will support the startup’s expansion into West Africa. Moove is likely to complete its equity funding within the next few weeks.
The investment will be a four-year structured credit investment. Moove will use the funds to expand into various markets, focusing on low-access regions such as Africa.
EVs for its “mobility entrepreneurs”
One of the most promising electric vehicle start-ups out there is Moove Mobility. The firm has a plethora of locations spanning six cities in four countries, and claims to have financed over a quarter of a million vehicles to date. Its upcoming Series A2 round will allow it to expand into new markets in Africa and beyond. Moove has also partnered with Uber to develop sustainable solutions for gig drivers on the continent.
Moove’s nifty little fintech solution involves the use of alternative credit scoring technology, or ACS for short. Using a proprietary augmented reality technology called the Moove, Moove is able to track and score potential clients using a series of virtual cards. These cards are then used to validate the aforementioned card and certify that the client has been approved for a particular EV.
Moove is a vehicle financing start-up, specializing in low cost EVs and PHEVs for its “mobility entrepreneurs.” In December, Moove closed its newest round of debt financing, closing the books on a $10 million loan. This is a lot of money for an electric vehicle startup, but Moove is well positioned to take advantage of the growing EV market.
Moove’s expansion into the U.S.
Moove is a startup in the “mobility fintech” space. It aims to democratize vehicle ownership for gig workers and other mobility entrepreneurs. Moove uses a revenue-based credit scoring model to provide affordable financing for the vehicles of these drivers. The company has launched in six African cities, and plans to expand to more countries in the near future.
Moove’s vision is to democratize vehicle ownership for the millions of Africans who are not currently able to access traditional financial services. The startup offers flexible payment options, no deposits, and no collateral. In addition to providing car finance, Moove also provides vehicle insurance, regular maintenance, and ongoing training. Customers can choose between 24, 36, or 48 months to pay off their loans.
Moove is backed by a variety of investors. NBK Capital Partners, Clocktower Technology Ventures, Left Lane Capital, and Tekton are among those who have invested in the company. Another key partner is Iyinoluwa Aboyeji, a former co-founder of Andela and Flutterwave.
Moove has raised over $250 million to date. Its latest funding round was an oversubscribed Series A round of $23 million. This funding will help the company continue its expansion, including new markets and products.
