{"id":721,"date":"2021-08-09T15:40:37","date_gmt":"2021-08-09T15:40:37","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=721"},"modified":"2021-08-09T15:46:02","modified_gmt":"2021-08-09T15:46:02","slug":"moove-raises-23-million-help-drivers-own-cars-africa","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2021\/08\/09\/moove-raises-23-million-help-drivers-own-cars-africa\/","title":{"rendered":"Moove Raises $23 Million to Help Drivers Own Cars in Africa"},"content":{"rendered":"\n<p>Moove, an African mobility fintech, has raised $23 million in Series A funding. The round was led by Speedinvest and Left Lane Capital, with participation from several other investors including one of Moove\u2019s existing lenders, Emso Asset Management.<\/p>\n\n\n\n<p>This brings Moove\u2019s total funding to $68.2 million, including $28.2 million in equity and $40.0 million in debt. Moove is the first investment in Africa for many of its U.S. VC backers, underscoring the opportunity for a platform like Moove to address the continent\u2019s vehicle financing gap.<\/p>\n\n\n\n<p>Operating on a continent with more than a billion people who have limited or no access to vehicle financing \u2013 and the lowest per capita vehicle ownership in the world \u2013 Moove will use the funding round to build a full-service mobility fintech that democratizes vehicle ownership across Africa.<\/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\/2021\/08\/4-Moove-Driver-and-Passenger-1024x683.jpg\" alt=\"Moove Raises $23 Million to Help Drivers Own Cars in Africa\" class=\"wp-image-722 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/4-Moove-Driver-and-Passenger-1024x683.jpg 1024w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/4-Moove-Driver-and-Passenger-300x200.jpg 300w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/4-Moove-Driver-and-Passenger-768x512.jpg 768w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/4-Moove-Driver-and-Passenger.jpg 1200w\" 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 market opportunity is vast \u2013 Africa is home to 1.3 billion people, with 43% in urban areas and growing, and in 2019, had fewer than 900,000 total new vehicle sales compared to 17 million in the U.S.<\/p>\n\n\n\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/mailtrack.io\/trace\/link\/57947b2a88b699edde31f92b13b03ec72b8a889b?url=https%3A%2F%2Fmoove.africa%2F&amp;userId=7451398&amp;signature=9bc51b8d71700e1d\" target=\"_blank\">Moove<\/a> 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.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Join our&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.community.ancstockinvestments.com\/\" target=\"_blank\">Trading Community<\/a>&nbsp;for more signals!<\/h5>\n\n\n\n<p>Moove\u2019s model is to provide loans to its customers by selling them new vehicles and financing up to 95% of the purchase within five days of sign up. Moove customers can choose to pay back their loans over 24, 36, or 48 months, using a percentage of their weekly revenue. All Moove customers sign up to the Moove app to manage all transactions and access other financial products on the platform.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Meet the founders of Moove<\/h2>\n\n\n\n<p>Co-founders Ladi Delano and Jide Odunsi are British-born Nigerians, educated at the London School of Economics, Oxford University and MIT, who have successfully built three other businesses in Africa over the last eight years through their venture studio, Grace Lake Partners.<\/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\/2021\/08\/1-Moove-Founders-Jide-Odunsi-and-Ladi-Delano-1024x683.jpg\" alt=\"\" class=\"wp-image-723 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/1-Moove-Founders-Jide-Odunsi-and-Ladi-Delano-1024x683.jpg 1024w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/1-Moove-Founders-Jide-Odunsi-and-Ladi-Delano-300x200.jpg 300w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/1-Moove-Founders-Jide-Odunsi-and-Ladi-Delano-768x512.jpg 768w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/1-Moove-Founders-Jide-Odunsi-and-Ladi-Delano.jpg 1200w\" 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>Ladi is a serial entrepreneur and Jide is a former investment banker at Goldman Sachs and former management consultant at McKinsey. Driven by a common passion to create shared value leveraging their extensive operating experience on the continent, they set out to build Moove to provide Africans with a path to new vehicle ownership while creating new jobs.<\/p>\n\n\n\n<p><em>\u201cIn a continent full of opportunity, mobility is key to moving economies forward and this funding contributes to our ability to provide revenue-based financing, as Moove empowers Africans to safely become mobility entrepreneurs,\u201d<\/em> said Ladi Delano, co-founder of Moove. <em>\u201cWe help people buy new cars who otherwise couldn\u2019t afford them. And then, using the vehicle as a mobility entrepreneur, they\u2019re able to earn money, which allows them to pay off the vehicle over time.\u201d<\/em><\/p>\n\n\n\n<p>Moove is <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=\"Uber\u2019s exclusive vehicle financing and vehicle supply partner (opens in a new tab)\">Uber\u2019s exclusive vehicle financing and vehicle supply partner<\/a> in sub-Saharan Africa, with Moove-financed cars having completed more than 850,000 Uber trips covering over 13 million kilometers across the continent to date.<\/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\/2021\/08\/Nkechi-Anyagwa-first-Moove-driver-1024x683.jpg\" alt=\"\" class=\"wp-image-724 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/Nkechi-Anyagwa-first-Moove-driver-1024x683.jpg 1024w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/Nkechi-Anyagwa-first-Moove-driver-300x200.jpg 300w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/Nkechi-Anyagwa-first-Moove-driver-768x512.jpg 768w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/Nkechi-Anyagwa-first-Moove-driver.jpg 1200w\" 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> Uber partners with Moove to empower drivers in Ghana<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Moove&#8217;s future plans for Africa<\/h2>\n\n\n\n<p>The startup was initially bootstrapped by its co-founders with seed-stage funding from Future Africa, an Africa-focused fund led by Iyin Aboyeji, who was a founder at Andela and Flutterwave.<\/p>\n\n\n\n<p>The new Series A funding will allow Moove to grow and expand into new markets as well as develop and launch new products and services. The equity raise follows a year of momentum and success for Moove with the launch of three cities and 60% month-on-month growth so far.<\/p>\n\n\n\n<p><em>\u201cWith Ladi and Jide at the helm of a world-class team, and their unique approach to vehicle financing, Moove has quickly established itself as one of the most exciting tech companies in Africa,\u201d<\/em> said Stefan Klestil, General Partner at Speedinvest. <em>\u201cThe company\u2019s expansion to three cities in under 12 months demonstrates the huge demand for vehicle financing in Africa, where just five percent of new cars are purchased with financing, compared to 92 percent in Europe.\u201d<\/em><\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Also Read: <a rel=\"noreferrer noopener\" href=\"https:\/\/ancstockinvestments.com\/blog\/2021\/08\/07\/prymefans-social-network-launches-across-africa-forex-traders-earn-income\/\" target=\"_blank\">With Prymefans, Cameroonian Forex Traders Can Earn Better Income<\/a><\/h5>\n\n\n\n<p>Moove&#8217;s technology is changing access to mobility and empowering thousands to earn a new source of income, according to Dan Ahrens, Managing Partner at Left Lane Capital.<\/p>\n\n\n\n<p><em>\u201cAs we look ahead, the potential for that technology and the Moove team to expand even further is very exciting. They have the opportunity to become a full-service mobility fintech and expand their offerings to insurance and other financial services.\u201d<\/em><\/p>\n\n\n\n<p>Moove is a mission-led company that\u2019s committed to giving 100% of mobility entrepreneurs access to affordable credit and ensuring that 50% of its customers are women.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Join our&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.community.ancstockinvestments.com\/\" target=\"_blank\">Trading Community<\/a>&nbsp;for more signals!<\/h5>\n\n\n\n<p>It also aims to ensure that at least 60% of the vehicles it finances are electric or hybrid vehicles as part of its commitment to improving road safety and vehicle emissions on Africa\u2019s roads.<\/p>\n\n\n\n<p>To learn more about Moove and its mission to democratize vehicle ownership across Africa, visit:<a rel=\"noreferrer noopener\" href=\"https:\/\/mailtrack.io\/trace\/link\/6311e62a4e38bef0843dd2e5ef2c97e2c67f2f00?url=https%3A%2F%2Fmoove.africa%2F&amp;userId=7451398&amp;signature=7b630d9a0a843191\" target=\"_blank\"> https:\/\/moove.africa\/<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>African mobility fintech, Moove, has raised $23 million in a Series A funding round to democratize vehicle ownership in Africa.<\/p>\n","protected":false},"author":3,"featured_media":722,"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":[151,154,44,152,153],"series":[],"ppma_author":[463],"class_list":["post-721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-startup","tag-moove","tag-series-a","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 Raises $23 Million to Help Drivers Own Cars in Africa<\/title>\n<meta name=\"description\" content=\"African mobility fintech, Moove, has raised $23 million in a Series A funding round to democratize vehicle ownership in Africa.\" \/>\n<meta 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