Nigerian mobility startup Moove, which provides revenue-based vehicle financing to help individuals across Africa own their own vehicles, has expanded to Cape Town and is gearing up for further pan-African growth.
Founded by British-born Nigerians Ladi Delano and Jide Odunsi, who have successfully built three other businesses in Africa over the last eight years through venture studio Grace Lake Partners, Moove is democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.
Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, which allows access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans. Its model is to provide loans to its customers by selling them new vehicles and financing up to 95 per cent of the purchase within five days of sign up.
The startup last month raised a US$63.2 million Series A debt and equity funding round to help it expand more quickly, and it has now announced its launch in Cape Town. The expansion marks the fourth city in which Moove has launched within only 15 months of operations, building on existing operations in Johannesburg, Lagos and Accra. The startup plans to establish a presence in more locations over the coming months.
The news also coincides with five new hires for Moove’s global C-suite and the milestone of completing one million Uber trips in Moove-financed cars.
“We’ve only been operating in South Africa for four months, but it’s an excellent market with huge demand for our product,” said Sinako Cetyiwe, South Africa country manager for Moove. “The next phase for Cape Town and the rest of the country is to grow our sign-ups, revenue, and trips so that we can empower more South Africans to become mobility entrepreneurs and earn a living in safe, new vehicles.”