Moove is exploring the introduction of EVs for its “mobility entrepreneurs” Moove, an African fintech startup, is exploring the introduction of electric vehicles (EVs) to its “mobility entrepreneurs” as a means of addressing the issue of affordable transportation. This is especially important in Africa, where the vast majority of the population lacks access to vehicle financing. As a result, road traffic deaths have reached 246,000 annually, which is estimated to rise to 514,000 by 2030.
The founders of Moove are dedicated to addressing this issue and democratizing vehicle ownership worldwide. The company provides revenue-based vehicle financing to mobility entrepreneurs. Through a platform, they offer loans with repayment periods of 12 to 48 months, with an interest rate of 8 to 13 percent. Using a proprietary credit scoring system, the company also provides drivers with a flexible financing option. In addition, Moove aims to expand its operations to new markets in Asia and Europe.
Moove is currently operating in six African cities. Its mission is to empower more women to own vehicles, to make vehicle ownership more accessible to all, and to provide greener products. Currently, Moove-financed vehicles include two-wheelers for bike-hailing, courier and logistics services, and a fleet of trucks. Moove is also working on sustainable EV solutions for its gig drivers in Africa.
Recently, the company raised a $105 Million Series A2 financing. Its total funding, including debt and equity, is now $174.5 million. Moove’s current target is to finance 60% hybrid or electric vehicles. Although Moove has already been competing with FlexClub, AutoCheck, Planet42 and Carro in Africa, the new financing will give it the ammunition it needs to go after other markets in Asia and Europe.
Moove has recently expanded its services to Amsterdam, Nairobi, and Lagos. Its revenue has grown by 50% month-over-month and has already signed up 12,900 pre-approved customers in August.
Moove has also teamed up with Uber to build an EV fleet in London. To this end, the company will offer financial assistance to its driver-partners, who will in turn deduct their weekly rental fees from their earnings. They will also receive training and support in order to be ready for the demands of the industry.
Its three core offerings are a data library, an integrated customer management platform, and a data science and analysis hub. As a result, it’s built a formidable data infrastructure that has processed billions of data points from its partners, all while building a strong ecosystem for third-party partners. And to ensure its continued success, it’s also expanding into new markets with an eye towards Africa. This includes Nigeria, Ghana, and Kenya.
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