Moove, a Johannesburg, South-Africa-based mobility fintech company, raised USD20M in funding.
The round was led by Absa Corporate and Investment Banking.
The company intends to use the funds to strengthen its product offering, and create more jobs enhancing South Africa operations to strengthen its expanding vehicle financing offering to more customers.
Launched in 2020 by Ladi Delano and Jide Odunsi, Moove is a mobility fintech company providing revenue-based vehicle financing and financial services to mobility entrepreneurs. By embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, Moove uses proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services.
Moove is Uber’s largest fleet vehicle supply partner in EMEA and has partnerships with several other mobility marketplaces, including Glovo, Swvl, Sendy, and Kobo360 across ride-hailing, trucking & logistics, last-mile delivery and mass transit.
The company has raised over $200 million to date, scaled to 13 markets across 3 continents, and its customers have completed over 5 million trips in Moove-financed vehicles.
FinSMEs
14/07/2022