{"id":2805,"date":"2022-02-01T16:00:00","date_gmt":"2022-02-01T15:00:00","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=2805"},"modified":"2022-02-01T12:02:58","modified_gmt":"2022-02-01T11:02:58","slug":"moove-secures-10m-financing-nbk-capital-partners","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2022\/02\/01\/moove-secures-10m-financing-nbk-capital-partners\/","title":{"rendered":"African Mobility Fintech Secures $10M as it Looks to Democratize Vehicle Financing in Africa"},"content":{"rendered":"\n<p>NBK Capital Partners Mezzanine Fund II (the \u201cFund\u201d) has closed a $10 million financing facility with Uber\u2019s exclusive vehicle supply partner in Africa, the mobility fintech Moove.\u00a0<\/p>\n\n\n\n<p>The innovative asset-backed venture debt marks the sixth investment from the Fund advised by NBK Capital Partners.&nbsp;<\/p>\n\n\n\n<p>The growth facility from the Fund will support Moove\u2019s expansion in West Africa initially, executives said. Moove is the first investment in Africa by NBK Capital Partners funds, underscoring the opportunity for a platform like Moove to address the continent\u2019s <a href=\"https:\/\/ancstockinvestments.com\/blog\/2021\/08\/09\/moove-raises-23-million-help-drivers-own-cars-africa\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">vehicle financing gap<\/a>.\u00a0<\/p>\n\n\n\n<p>Founded in 2019 by Ladi Delano and Jide Odunsi, Moove is an <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/moove.africa\/\" target=\"_blank\">African mobility fintech<\/a> that is democratizing vehicle ownership by providing revenue-based vehicle financing to mobility entrepreneurs across Africa.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" data-src=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/1-Moove-Founders-Jide-Odunsi-and-Ladi-Delano-1024x683-1.jpg\" alt=\"\" class=\"wp-image-2807 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/1-Moove-Founders-Jide-Odunsi-and-Ladi-Delano-1024x683-1.jpg 1024w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/1-Moove-Founders-Jide-Odunsi-and-Ladi-Delano-1024x683-1-300x200.jpg 300w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/1-Moove-Founders-Jide-Odunsi-and-Ladi-Delano-1024x683-1-768x512.jpg 768w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/683;\" \/><figcaption> Co-founders of Moove, Ladi Delano and Jide Odunsi<\/figcaption><\/figure>\n\n\n\n<p>The two co-founders are British-born Nigerians, educated at the London School of Economics, Oxford University, and MIT, who have successfully built three other businesses on the continent prior to founding Moove.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The market opportunity for Moove is vast&nbsp;<\/strong><\/h2>\n\n\n\n<p>Africa is home to 1.3 billion people, with 43 percent in urban areas and growing. In 2019, the continent had fewer than 900,000 total new vehicle sales compared to 17 million in the U.S.&nbsp;<\/p>\n\n\n\n<p>Moove provides vehicle financing for cars, bikes, and lorries to mobility entrepreneurs across Africa through its alternative credit scoring technology and innovative revenue-based financing model and is Uber&#8217;s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" data-src=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Moove-Bike-2-1024x683-1.jpg\" alt=\"\" class=\"wp-image-2809 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Moove-Bike-2-1024x683-1.jpg 1024w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Moove-Bike-2-1024x683-1-300x200.jpg 300w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Moove-Bike-2-1024x683-1-768x512.jpg 768w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/683;\" \/><\/figure>\n\n\n\n<p>The company currently <a href=\"https:\/\/ancstockinvestments.com\/blog\/2021\/12\/16\/moove-rolls-into-kenya-broadens-vehicle-financing-bikes-trucks\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">operates in six cities<\/a> across Ghana, Nigeria, South Africa, and Kenya, with plans to expand further across the continent.<\/p>\n\n\n\n<p><em>&nbsp;\u201cWe are very excited to partner with Moove on its journey to transform access to credit for millions of people across the African continent,\u201d<\/em> said Yaser Moustafa, Chief Executive Officer of NBK Capital Partners.&nbsp;<\/p>\n\n\n\n<p><em>\u201cThe company is driven by strong founders who possess a unique, long-term vision for success, one built on the empowerment of individuals from every socioeconomic class across the region but also a genuine commitment to social and environmental sustainability.\u201d\u00a0<\/em><\/p>\n\n\n\n<p><a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.nbkcpartners.com\/\" target=\"_blank\">NBK Capital Partners Mezzanine Fund<\/a>&#8216;s financing comes at a fantastic time for Moove and is intelligently structured for the company\u2019s use case.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Jide-and-Ladi-at-SA-Launch-Cropped-1024x576.jpg\" alt=\"Moove Secures $10 Million Financing from NBK Capital Partners\" class=\"wp-image-2806 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Jide-and-Ladi-at-SA-Launch-Cropped-1024x576.jpg 1024w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Jide-and-Ladi-at-SA-Launch-Cropped-300x169.jpg 300w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Jide-and-Ladi-at-SA-Launch-Cropped-768x432.jpg 768w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Jide-and-Ladi-at-SA-Launch-Cropped-1536x864.jpg 1536w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Jide-and-Ladi-at-SA-Launch-Cropped-2048x1152.jpg 2048w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Jide-and-Ladi-at-SA-Launch-Cropped-1200x675.jpg 1200w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Jide-and-Ladi-at-SA-Launch-Cropped-1980x1114.jpg 1980w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption>Jide and Ladi at SA Launch<\/figcaption><\/figure>\n\n\n\n<p><em>\u201cThis investment brings our total funding raised to date to US$ 78 million and will fuel our continued growth trajectory as we expand our regional operations to empower more mobility entrepreneurs,\u201d<\/em> said Ladi Delano, Co-Founder and Chief Executive Officer, Moove.&nbsp;<\/p>\n\n\n\n<p><em>\u201cWe are grateful to be working with a firm that supports our vision to build the first mobility fintech for Africa markets, tackling the problem of lack of access to credit for millions.\u201d&nbsp;<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Empowering vehicle financing for women<\/strong><\/h2>\n\n\n\n<p>Moove\u2019s alternative credit-scoring technology and revenue-based model empower more women to access financing and become mobility entrepreneurs.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" data-src=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Nkechi-Anyagwa-first-Moove-driver-1024x683-1.jpg\" alt=\"\" class=\"wp-image-2808 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Nkechi-Anyagwa-first-Moove-driver-1024x683-1.jpg 1024w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Nkechi-Anyagwa-first-Moove-driver-1024x683-1-300x200.jpg 300w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2022\/02\/Nkechi-Anyagwa-first-Moove-driver-1024x683-1-768x512.jpg 768w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/683;\" \/><figcaption>Nkechi Anyagwa, first female Moove driver<\/figcaption><\/figure>\n\n\n\n<p><em>\u201cWe\u2019re committed to ensuring that at least 50 percent of our customers are female, providing them with the tools, services, and flexibility they need to be productive and successful, when previously they have been excluded from more formal means of employment,\u201d <\/em>Jide Odunsi, Co-Founder and Chief Executive Officer, Moove commented.&nbsp;<\/p>\n\n\n\n<p>According to the executives, through year-end December 2021, more than 2 million trips have been made in Moove-financed vehicles since it launched operations in 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Moove has closed a $10m financing facility from NBK Capital Partners, strengthening the company\u2019s mission to democratize vehicle ownership across Africa.<\/p>\n","protected":false},"author":3,"featured_media":2806,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,4],"tags":[151,385,44,152,153],"series":[],"ppma_author":[463],"class_list":["post-2805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-startup","tag-moove","tag-nbk-capital-partners","tag-startup-funding","tag-vehicle-financing","tag-vehicle-ownership"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Moove Secures $10 Million Financing from NBK Capital Partners<\/title>\n<meta name=\"description\" content=\"Moove has closed a $10m financing facility from NBK Capital Partners, strengthening the company\u2019s mission to democratize vehicle 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