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Moove Africa has reportedly raised $105 million in Series A2 financing. The company is aimed at helping people buy and drive new cars instead of buying used ones. Moove has set up a loan repayment process that is more convenient for drivers than the current traditional way of making payments. Moove also has plans to develop wallets for drivers who do not have bank accounts.
Moove raises $105 million in Series A2 financing
Africa is home to more than a billion people, and most lack access to vehicle financing. This has resulted in fewer than 900,000 new vehicles sold in the region last year. Moove has stepped in to address this issue, and has been able to finance over 3 million trips in financed vehicles across the continent.
In a bid to help more Africans own their own cars, Moove recently secured $10 million in debt financing. The new funding will allow the startup to scale up to seven markets within the next six months. Currently, Moove operates in Lagos, Accra, and Johannesburg. However, the company plans to expand into seven new markets in Europe, Asia, and MENA.
Moove is a mobile fintech that provides vehicle financing to ride-hailing platforms. Drivers sign up for the platform, and Moove deducts weekly rental fees from their earnings. The remainder is transferred to their accounts.
Moove’s loan repayment process is more suitable to drivers than what traditionally exists in the market
One of the more recent and impressive startups to hit the scene is Moove. They’ve got a solid footprint in Lagos and Accra and are about to make the leap into the big city with a blitzkrieg aplomb. Their marquee product is their flagship e-scooter. It’s a smart car on wheels and they’ve got a few nifty tricks up their sleeve. In the name of full disclosure, I’ve been an avid user of the service myself. The best part is the service isn’t limited to the road. So long as you are willing to take the leap of faith, you can enjoy the best of both worlds. Moove is an Uber endorsed partner in the sub-Saharan Africa. And it’s a worthy addition to the company’s effervescent ranks.
Moove’s debt and equity isn’t enough to cater to market demands
The electric vehicle (EV) has been an elusive proposition in Africa. For starters, the cost to own one has been a major stumbling block. The good news is that Moove, a startup in the EV financing space, has made it easier for Africans to own a green mode of transportation. And, thanks to partnerships with OEMs, EVs have become affordable.
Moove has expanded into seven African cities, including Accra, Cairo, Johannesburg, Lagos, Nairobi, Rwanda, and Nairobi. The company has also pre-approved over 12,900 drivers in August, a whopping 50% jump from last month. In addition to a hefty number of sign-ups, Moove is also making strides in customer service and has begun to offer loans to new customers.
Moove plans to create wallets for drivers who do not have bank accounts
Moove, a car-sharing company, has launched its operations in Nigeria. Using technology, it is aiming to create wallets for drivers who do not have bank accounts. Moove’s cars have already completed 850,000 Uber trips, the startup said. It is planning to launch in other markets soon, too. The startup recently raised $40 million in debt financing. With the investment, Moove will expand its reach and develop new products.
Drivers can choose from a variety of vehicles including electric and fuel-efficient models. Moove’s loan repayment process is more convenient for them than conventional Nigerian banks, which typically charge 20-25% interest. Moove is aiming to increase the percentage of female drivers by 50%. Moove also wants to expand its reach to other vehicle types.