Nigerian mobility fintech Moove raises $30m debt round to fund expansion into UAE
Nigeria’s mobility fintech company Moove, Uber’s largest vehicle supplier in EMEA, has raised $30 million from a debut sukuk issuance to fund its expansion into the United Arab Emirates (UAE).
Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, Move democratizes vehicle ownership in Africa by offering income-based vehicle financing to mobility entrepreneurs.
By embedding its alternative credit scoring technology into ride-hailing, e-logistics and instant delivery platforms, Moove can use proprietary performance and income analytics to underwrite loans for drivers previously excluded from financial services.
Millions of trips have already been completed in Moove-funded vehicles across six African markets – Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan – and three product categories – cars, trucks and motorcycles, and the company has also extended to Europe and India has raised significant debt and equity financing.
It is now planning to enter the United Arab Emirates after the successful completion of this debut week, which will allow Moove to tap into the wealth of Islamic investors who are particularly interested in environmentally and socially responsible investments. The issuance of Shari’ah-compliant notes or “sukuk” has been privately placed and structured as a sukuk alistisna, a Shari’ah-compliant contract for the order to manufacture electric vehicles (EVs).
“This funding is a milestone for Moove – our first sukuk issuance that demonstrates our growth and sustainability as a global company. Equally important, it furthers our mission to build the largest electric vehicle fleet in the region, to drive mobility electrification and make it possible for cities to reach their net zero goals,” said Delano.
Moove will use the funds to scale to 2,000 EVs in the UAE over the coming year, creating sustainable economic opportunities while accelerating the electrification of mobility and improving the travel experience for passengers in the region. Moove estimates that this fleet of electric cars will contribute to a reduction of over 5,000 metric tons of carbon dioxide emissions per year to help cities like Dubai reach their Net Zero goals.
As part of the UAE launch, Moove will roll out its EV charging app, Moove Charge. Having launched in London in August, Moove Charge is the first end-to-end charging experience and complete EV charging network app specifically for motorists. It allows users to find charging points, view charging points compatible with their vehicle, view real-time charging point availability, filter by charging speed, start and stop charging and wallet functionality.
