Mobility Fintech Moove Raises £15 Million Financing Facility From Emso Asset Management to Scale UK Operations
LONDON--(Business Wire / Korea Newswire) October 20, 2022 -- Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in EMEA, is announcing it has raised £15 million in financing from Emso Asset Management to scale up its UK operations following a successful launch in August.
Moove launched in London in August with a 100% EV rent-to-buy model that provides access to brand-new, zero-emissions vehicles to mobility entrepreneurs for a flat weekly fee. The new financing facility will enable 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 launched in Nigeria in 2020 to democratise access to vehicle ownership. Having now scaled to nine markets across sub-Saharan Africa and India, Moove is leading the charge in the ‘mobility fintech sector’, which is solving the challenge of limited access to vehicle financing for millions of gig workers across ride-hailing, logistics, and instant delivery sectors.
Moove’s alternative credit scoring technology provides access to vehicle financing to customers who may have previously been excluded from financial services. Over the past two years, Moove has enabled sustainable job creation and a path to asset ownership with its customers having completed over 9 million trips in Moove-financed vehicles.
London is the global leader for Uber’s electrification efforts with over 7,000 EVs on the platform - the most of any Uber city. Moove’s London operations will enable Uber to progress towards its goal of becoming an all-electric platform in the capital by 2025.
To enable this transition to EVs in London, Moove also launched Moove Charge, the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers, enabling customers to locate, control, and pay for charging across one of the largest roaming networks in London.
Ladi Delano, co-founder and co-CEO at Moove, said: “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.”
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 embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, Moove uses proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services.
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