Mobility fintech Moove raises £15m funding facility from Emso Asset Management to scale UK operations
LONDON, 19 October 2022–(BUSINESS WIRE)–Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in EMEA, announces that it has raised £15m in funding from Emso Asset Management to scale up its UK operations following a successful launch in August .
Moove launched in London in August with a 100% EV lease-to-buy model that provides access to brand new, zero-emission vehicles to mobility entrepreneurs 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 British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove launched in 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’, solving the challenge of limited access to vehicle finance for millions of gig workers across the tour, logistics and instant delivery sectors.
Moov’s alternative credit scoring technology provides access to vehicle financing to customers who may have previously been excluded from financial services. Over the past two years, Moove has enabled sustainable job creation and a path to assets with its customers who have completed over 9 million trips in Moove-financed vehicles.
London is the global leader of Uber’s electrification efforts with over 7,000 electric cars on the platform – the most of any Uber city. Moov’s London operations will enable Uber to progress towards its goal of becoming an all-electric platform in the capital by 2025.
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, enabling customers to find, control and pay for charging across one. of the largest roaming networks in London.
Ladi Delano, co-founder and co-CEO of Moove, said: “This funding comes at a really 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 business in the UK to enable drivers to transition to electric vehicles to drive the electrification of mobility.”
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About Moove
Moove is an African-born global startup and the world’s first mobility fintech, offering revenue-based vehicle financing and financial services to mobility entrepreneurs. By embedding its alternative credit scoring technology into ride-hailing, e-logistics and instant delivery platforms, Moove uses proprietary performance and income analytics to underwrite loans for drivers previously excluded from financial services.
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Tingting Peng
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