A new startup in the FinTech arena is creating a way for ride hailing drivers to finance their vehicles. The company, called Moove, provides vehicle financing through a number of ride hailing platforms. In this article, we’ll learn more about what the company’s mission is and what products it has to offer.
Moove is a mobility fintech that provides vehicle financing for drivers of ride-hailing platforms.
Moove is an African-founded mobility fintech that provides vehicle financing to drivers on ride-hailing platforms. Using alternative credit scoring technology, Moove provides an alternative way to finance cars. It’s also committed to helping drive the global adoption of electric vehicles.
Moove enables access to vehicle financing for drivers on the world’s largest ride-hailing platforms. It has built partnerships with OEMs to make EVs affordable. And it offers a wide range of value-added services to its drivers.
Moove’s goal is to provide access to sustainable employment. Gig economy workers are often excluded from the traditional vehicle financing ecosystem. With Moove, drivers can get the vehicle they need without having to put up a deposit. In return, they are eligible for revenue-based vehicle financing.
Moove has scaled to nine markets in sub-Saharan Africa and has begun to offer services in India. The company plans to launch 5,000 vehicles in India within the first year.
Moove is backed by some of the largest investors in the world. Its funding comes from debt and equity sources, with a total of $174.5 million.
Moove provides a vehicle financing solution that has a very low cost and high acceptance rate. It has grown its customer base to over 6 million over the last two years.
Moove’s mission
Moove is a new Nigerian tech-based vehicle financing platform that provides drivers access to new cars and loans. The company is using an open data technology to calculate the best deals for its customers. Its mission is to address the African automotive industry’s vehicle financing deficit and improve the road infrastructure.
Moove has secured more than $23 million in Series A funding. The company plans to use the money to build a full-service mobility fintech. This includes the ability to finance electric and hybrid vehicles. Also, Moove wants to be able to provide affordable credit to 100% of its mobility entrepreneurs. In addition to its flagship car lending program, Moove is also in the business of providing vehicle finance to Uber and other ride-hailing services.
Moove is led by former McKinsey management consultant and Goldman Sachs investment banker Ladi Delano and British-born Nigerian Jide Odununsi. Founded in 2019, Moove is currently operating in Lagos and Johannesburg, and is expanding across South Africa, Ghana, Kenya and Nigeria.
According to the company, the Moove is a “mission-driven, customer-centric mobility finance platform that uses proprietary credit scoring technology, open data, and smart algorithms to determine which mobility entrepreneurs should get the best deals for financing their vehicles. As the company grows, Moove will continue to develop and market new products and services that will enhance the overall mobility experience for its customers.”
While Moove’s car-financing scheme has proven to be an effective solution to the challenges in the African automotive industry, it is not alone. Across the continent, there are over one billion people, but less than 900,000 new vehicles were sold last year.
Moove’s products
It is not surprising that a mobile fintech startup would raise a ten figure Series A round of funding. But what makes Moove so special is its unique business model, which has garnered it a spot in the pantheon of African tech startups. In addition to providing vehicle financing, Moove also helps its customers navigate the complex world of registering and re-registering their vehicles. This is in stark contrast to many traditional financial services providers, who only focus on lending.
Moove isn’t the only mobile fintech in town, but the company is one of the most ambitious. The company has its sights set on Africa’s growing population of nearly a billion people. With its roots firmly planted in Silicon Valley and Nairobi, Moove is tackling the daunting task of formalizing the mobility space in emerging markets. By combining a well-designed user experience with a unique product offering, the startup has a shot at making a big splash in the region.
Its latest round of funding will enable the company to expand into new markets and launch new products and services. Indeed, Moove is announcing several new partnerships in the near future. For example, it has partnered with an OEM to make an electric vehicle more affordable for African motorists Celebrity biography.
