Nigeria’s mobility fintech company Moove, Uber’s largest vehicle supply partner in EMEA, has raised US$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, Moove is democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.
By embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, Moove can use proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services.
Millions of rides have already been completed in Moove-financed vehicles across six African markets – Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan – and three product categories – cars, trucks and motorbikes, and the company has also expanded into Europe and India having raised significant debt and equity funding.
It is now planning entry into the UAE upon the successful completion of this debut sukuk, 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 the Shari’ah compliant notes or “sukuk” has been privately placed and structured as a sukuk al- istisna, a Shari’ah compliant contract for the order to manufacture electric vehicles (EVs).
“This financing is a milestone for Moove – our first sukuk issuance which showcases our growth and sustainability as a global company. Equally important is that this furthers our mission to build the biggest EV ride-hailing fleet in the region, to drive forward mobility electrification and enable cities to reach their net-zero targets,” said Delano.
Moove will use the funds to scale to 2,000 EVs in the UAE over the coming year, creating sustainable economic opportunities, whilst accelerating the electrification of mobility and enhancing the ride-hailing passenger experience in the region. Moove estimates that this fleet of EVs will contribute to a reduction of over 5,000 metric tonnes of carbon dioxide emissions per year to help cities like Dubai meet their Net Zero targets.
As part of its launch in the UAE, Moove will be rolling out its EV charging app, Moove Charge. Having initially launched in London in August, Moove Charge is the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers. It allows users to locate charge points, display charge points compatible with their vehicle, show charge point availability in real-time, filter by charge speed, start and stop charging and wallet functionality.