LONDON, October 19, 2022–(BUSINESS WIRE)–Moove, the world’s leading mobility fintech and Uber’s largest vehicle delivery partner in EMEA, announces it has raised £15m in funding from Emso Asset Management to expand operations in the UK after a successful launch in August.
Moove launched in London in August with a 100% EV lease-to-own model that gives access to new, zero-emission vehicles to mobility entrepreneurs for a fixed weekly rate. The new financing facility will allow Moove to scale up to 10,000 vehicles by the end of 2025 and become the largest EV partner on Uber’s platform in London.
Founded by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove was launched in Nigeria in 2020 to democratize vehicle ownership. After expanding to nine markets in Sub-Saharan Africa and India, Moove is leading the charge in the “mobility fintech sector,” solving the challenge of limited access to vehicle finance for millions of workers in through carpooling, logistics, and instant delivery sectors.
Moove’s alternative credit reporting technology provides access to auto finance to customers who were previously excluded from financial services. Over the past two years, Moove has enabled sustainable job creation and a pathway to asset ownership, with customers having completed more than 9 million trips in Moove-funded vehicles.
London is the global leader in Uber’s electrification efforts with more than 7,000 electric vehicles on the platform – the most of any Uber city. Moove’s operations in London will enable Uber to progress towards its goal of becoming an all-electric platform in the capital by 2025.
To enable this transition to electric vehicles in London, Moove has also launched Moove Charge, the first end-to-end charging experience and comprehensive electric vehicle charging network app specifically for ride-hailing drivers, allowing customers to locate, control and pay the recharge on a single site. of the largest roaming networks in London.
Ladi Delano, co-founder and co-CEO of Moove, said: “This funding comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we have already shown that affordable and accessible vehicle finance for mobility entrepreneurs is a global challenge and that “We are committed to solving at Moove. We look forward to expanding our operations in the UK to enable drivers to switch to electric vehicles to drive the electrification of mobility forward.”
Moove is an African-born global start-up and the world’s first mobility fintech, providing revenue-based vehicle financing and financial services to mobility entrepreneurs. By integrating its alternative credit-scoring technology with ridesharing, e-logistics and instant delivery platforms, Moove uses proprietary performance and revenue analytics to underwrite loans to drivers who were previously excluded from financial services.
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