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If you’ve been reading tech news over the past few months, you might have heard about Moove African. The company, which has raised a $105 million Series A2 funding round, has just become Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa. Its unique approach to the industry is aimed at getting drivers access to brand-new cars rather than used ones.
Moove raises $105 million in Series A2 funding round
Moove is the leading vehicle finance platform in the mobility fintech market. It provides revenue-based car finance to mobility entrepreneurs in Africa. With its new funding, Moove plans to expand its presence and enter new markets.
Moove helps mobility entrepreneurs finance vehicles for ride-hailing services. The company offers its services in six African regions. In addition to ride-hailing, Moove also helps other mobility-focused businesses in Africa and beyond.
Moove’s business model offers a solution to a long-standing problem facing vehicle owners and drivers. Many people in emerging markets don’t have access to vehicle financing, preventing them from purchasing new cars. Moove uses alternative credit scoring methods to determine a customer’s creditworthiness.
Moove aims to buy new EV cars and resell them at a lower price
Moove is a mobility fintech company that aims to democratize vehicle ownership in Africa. It has developed a technology platform that will allow drivers and entrepreneurs to finance brand new zero-emissions vehicles in installments. Founded by British-born Nigerians Ladi Delano and Jide Odunsi, Moove is building an electric fleet of cars to make the world a cleaner, greener place.
The startup has already been active in nine markets in sub-Saharan Africa. It has financed over 6,000 vehicles, which have traveled more than 13 million kilometers. In addition to financing cars, Moove also provides financing services for gig workers. These include instant delivery workers and car-hailing industry workers.
Moove is Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa
Moove, a mobility fintech, has partnered with ride-hailing giant Uber to provide a revenue-based vehicle financing model to mobility entrepreneurs. This enables Moove to expand into new markets. The company is currently based in the Netherlands, but has offices in Lagos and Accra, Ghana.
Moove provides flexible rental options to its users, and offers financing for two-wheelers and trucks. In addition, it offers drivers the option of drive-to-own options, in which they can purchase a car in as little as five days. It also offers a flexi-rental option, which allows users to rent a vehicle for a period of 24 to 48 months, with a monthly installment of 5%.
Moove’s trademark is getting drivers to access new cars instead of used cars
Moove is not a python but its a kludge and a half to be honest. The company is a multi-city operation and has been in the works for a while. For starters, Moove boasts a shiny new headquarters in the Netherlands, as well as a small staff in Accra and Johannesburg. Its largest market by far though is Nigeria where it’s going to compete with Autochek for the top spot in the car rental space.
One of Moove’s biggest strengths is its ability to source and resell the latest affluent tech. With a team of the nation’s best and brightest at the helm, the company has a burgeoning portfolio of automotive technologies to choose from. Some of these include telematics, insurance, and mobile payments solutions. In addition, the company is working with Uber on a number of pilot projects, notably in Ghana.
Moove is a tech business
Moove is a tech business that provides a flexible way for ride-hailing drivers to get vehicle financing. It is the first mobility fintech and has been a leader in the industry. Since its launch in 2020, Moove’s vehicles have completed more than 3 million rides. The company now offers vehicles ranging from cars to bikes and trucks.
Moove’s goal is to make vehicle ownership accessible to the masses in Africa. Currently, less than 5% of the continent’s new vehicles are purchased through financing. Africans often lack collateral and bank financing, which makes it difficult to buy a vehicle. Moove uses alternative credit scoring technology to identify eligible borrowers.