Moove, an automobile financing firm, has raised £15 million from Emso Asset Management to scale its recently launched operations in the United Kingdom. This recent funding comes two months after Moove expanded into London with a 100% EV fleet which the company finances on a rent-to-own basis.
After operating for two years in African markets like Nigeria and Ghana, Moove set up operations in the MENA region through a partnership with SWVL, an Egyptian ride-hailing company. More recently, Moove expanded into India and London in an effort to provide affordable vehicle financing to mobility entrepreneurs, including ride-hailing and e-logistics players.
Till date, Moove has raised over $200 million in funding, including $10 million from NBK Capital Partners in February and a mega $105 million in an oversubscribed series A2 round in March 2022. By building on top of the technology of its mobility and logistics partners and integrating their APIs to generate creditworthiness scores for automobile financing, Moove has operated a plug-and-play model that allows it to scale rapidly into new markets and record minimal defaults. The startup has demonstrated rapid growth within two years of operation and is Uber’s largest vehicle supply partner in EMEA.
Moove is pushing for efficient mobility and reduced emissions in all its markets. In markets like Nigeria and Ghana, Moove finances new fuel-engine cars that offer a better experience than the widely-used second-hand imports from countries like the US. Comparatively, in the UK, Moove operates a full fleet of brand-new, zero-emission vehicles offered to mobility entrepreneurs at a weekly flat rate and no upfront cost.
In a statement shared with TechCabal, Ladi Delano, Moove’s co-founder and CEO, expressed that the company is committed to ensuring vehicles are affordable, accessible, and efficient for mobility entrepreneurs across all operating markets.
“This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we’re committed to solving at Moove. We’re looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility,” he said
To drive its mobility electrification plan, Moove has launched a product, Moove Charge, an end-to-end charge experience and EV charging network app specifically for ride-hailing drivers. Moove Charge enables customers to locate, control, and pay for charging across one of the largest roaming networks in London, covering over 7,000 slow, fast and rapid charge points, and providing a better experience for drivers.