Mobility fintech Moove raises £15m funding facility

The mobility fintech launched in London in August with a 100% EV lease-to-buy model that gives mobility entrepreneurs access to brand new, zero-emission vehicles for a fixed weekly fee. The new funding facility will enable Moove to scale up to 10,000 vehicles by the end of 2025 and become the largest electric car partner on Uber’s platform in London.

Founded by founders Ladi Delano and Jide Odunsi, Moove launched in Lagos, Nigeria in 2020 to democratize access to vehicle ownership. Having scaled to nine markets across sub-Saharan Africa and India, Moove is leading the charge in the ‘mobility fintech sector’, a white space it created that addresses the challenge of limited access to vehicle finance for millions of gig workers across driving, logistics and instant delivery, of which there are around 4.5 million in the UK alone.

Ladi Delano, co-founder and co-CEO of Moove, said: “This funding comes at a very exciting time for Moove. With our international expansion underway in the UK and India, we have already demonstrated that affordable and accessible vehicle finance for mobility entrepreneurs is a global challenge and one we are committed to solving at Moove. We look forward to scaling up our UK business to enable drivers to transition to electric vehicles to drive the electrification of mobility.”

London is a world leader in Uber’s electrification efforts, with over 7,000 electric cars on the platform – the most of any Uber city. Moove’s operation in London will enable Uber to progress towards its goal of becoming an all-electric platform in the capital by 2025. Moove estimates that the 10,000 electric cars it plans to finance by 2025 in London will contribute to a reduction of around 63,000 megatons of carbon dioxide emissions per year.

To enable this transition to EVs in London, Moove also launched Moove Charge, the first end-to-end charging experience and complete EV charging network app specifically for motorists. Moove Charge enables Moove customers to find, control and pay for charging across one of the largest roaming networks in London, covering over 7,000 slow, fast and fast charging points, providing a better and easier experience for drivers as well as cyclists. more electric cars on the road and reduced waiting times.