Business Wire

Moove Closes R300 Million Financing from Absa

Share

Moove, the world’s first mobility fintech, has secured R300 million (US$20 million) in financing from Absa Corporate and Investment Banking (CIB), bringing its total funding to-date to over $200 million since its launch in 2020. The startup’s latest funding will be used for its South Africa operations to strengthen its expanding vehicle financing offering to more customers.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220714005089/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

Mobility entrepreneur receiving their car from the world's first vehicle financing fintech Moove (Photo: Business Wire)

Launched in 2020 by Ladi Delano and Jide Odunsi, Moove is democratising vehicle ownership across Africa by providing mobility entrepreneurs access to revenue-based financing in markets with low access to credit. Using its alternative credit scoring technology, Moove provides vehicle financing to its customers to purchase brand new vehicles using a percentage of their weekly revenue. Having experienced overwhelming demand and exponential growth across its six sub-Saharan African markets, Moove-financed vehicles have completed over 5 million trips to date.

The mobility space in Africa is highly fragmented and informal, and the sector represents an opportunity in a continent where high unemployment is rife. According to Statistics South Africa1, over a third of South Africans were reported as unemployed during the first quarter of 2022, reaching a record 35.3% in Q4 2021. Moove will continue to scale its revenue-based vehicle financing model in South Africa, creating more jobs for mobility entrepreneurs to earn a living and own their vehicle.

Moove’s CEO and Co-founder, Ladi Delano, says, “At Moove, we pride ourselves on being a mission-led company that empowers its customers to earn their way to asset ownership through a sustainable source of employment. In Absa, we’re delighted to have the funding which will enable us to serve more Africans looking for a path to economic prosperity.”

“For decades, they’ve transformed the livelihoods of millions through access to financial services, making them an ideal partner for Moove to tackle this same mission in South Africa. With this new funding we’re strongly positioned to unlock new opportunities for mobility entrepreneurs across South Africa helping them generate income and ultimately driving the economy forward.”

Despite Africa’s status as the world's fastest-growing continent, it has the lowest per capita car ownership rate, with over 1 billion Africans having limited or no access to vehicle financing. Moove has emerged as part of a new generation of African-born fintechs to lead the charge in the “mobility fintech” sector. This white space addresses the continent’s acute vehicle financing problem and empowers mobility entrepreneurs to become more productive and successful.

Morne Visagie, Head of Structured Asset Finance at Absa CIB says, “We are delighted to close this complex transaction with Moove, which has been an exciting journey over 18 months. This transaction enables the conventionally unbanked to gain access to finance, enjoy the benefits of their efforts and build a brighter future in a sustainable way”

Moove is Uber’s largest fleet vehicle supply partner in EMEA and has partnerships with several other mobility marketplaces, including Glovo, Swvl, Sendy, and Kobo360 across ride-hailing, trucking & logistics, last-mile delivery and mass transit. Since its initial launch in 2020, Moove has rapidly expanded to 13 cities across three continents.

To learn more about Moove and its mission to democratise vehicle ownership across the world, visit: https://www.moove.io/

ENDS

About Moove:

  • 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.
  • Backed by some of the world’s leading investors, Moove has raised over $200 million to date, scaled to 13 markets across 3 continents, and its customers have completed over 5 million trips in Moove-financed vehicles.
  • With a commitment to ensuring at least 60% of its fleet is hybrid and electric vehicles and that 50% of its customers are women, Moove is a mission-led business that puts impact at the core of its growth.

1 www.statssa.gov.za

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

For additional information, please contact
Tommy Rufai of Wimbart PR
tommy@wimbart.com /
Moove@wimbart.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Abionic Receives IVDR Certification for Its Predictive Ultra-Rapid Sepsis Test Allowing the Management of Antibiotic Administration9.8.2022 06:00:00 CEST | Press release

Abionic SA, a developer of disruptive nanotechnology-based diagnostic solutions, has announced that its Pancreatic Stone Protein (PSP) test on the abioSCOPE® has been certified by BSI certification agency as complying with the European In-vitro Diagnostic Regulation (IVDR), EU 2017/746. This certification granted by notified bodies like BSI is required for in-vitro diagnostics to continue being sold in the European Union. The IVDR’s extensive requirements were adopted by the European Parliament in 2017 and must now be implemented by May 26, 2022. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220808005159/en/ FIVE MINUTES TO SAVE LIVES - Immediate clinical decision-making at your fingertips (Photo: Business Wire) IVDR becomes mandatory as of May 26, 2022. There are also transitional rules that will allow well-established instruments that have not been IVDR certified, but that entered the EU before, to still be sold until 202

A Digital Twin of Kabuki Actor Shido Nakamura Created with NTT’s Another Me Technology Debuts at “Cho Kabuki 2022 Powered by NTT”9.8.2022 05:03:00 CEST | Press release

NTT Corporation (President: Akira Shimada, “NTT”) and Shochiku Co., Ltd. (President & CEO: Junichi Sakamoto) have announced "Cho Kabuki 2022 Powered by NTT" sponsored by Shochiku, with the first act starring Shido Nakamura's digital twin, “Shido Twin.” The debut of Shido Twin showcases NTT’s research and development of a computer that reproduces people as digital twins and is the first step in the social implementation of this new technology. We hope you will come and witness the birth of Shido Nakamura reproduced as a digital twin. Created in collaboration with Shochiku Co., Ltd., the Shido Twin autonomously reproduces the gestures of Shido Nakamura, who plays the leading role in Cho-kabuki, using the body motion generation technology of Another Me. Another Me is a technology born out of NTT’s Digital Twin Computing1 concept. With Another Me, we aim to allow individuals to create an “alternative self” in the digital space, dramatically increasing the opportunities to flourish and grow

IFF Reports Second Quarter 2022 Results8.8.2022 22:21:00 CEST | Press release

International Flavors & Fragrances Inc. (NYSE: IFF) reported financial results for the second quarter ended June 30, 2022. Management Commentary "We continued to execute on our near-term operational priorities to achieve strong top and bottom-line results in the second quarter," said IFF CEO Frank Clyburn. "Our teams have acted with urgency to implement necessary pricing actions in collaboration with our customers and delivered productivity benefits that offset on-going inflationary pressures. Going forward, we are preparing for more uncertain market conditions, yet remain confident in delivering our full year financial objectives. At the same time, we are advancing our strategic efforts, deploying innovation, refining our portfolio and strengthening our culture to deliver strong value creation for all our stakeholders. Reflecting our confidence, we are pleased to announce that we are raising our quarterly dividend. This marks thirteen years of consecutive dividend increases and unders

Waldom Electronics Announces New Advisory Board8.8.2022 20:30:00 CEST | Press release

Waldom Electronics is excited to announce the launch of its Advisory Board comprised of recognized leaders who will bring their knowledge and experience to the company. The Advisory Board will work closely with Don Akery, Waldom’s Chief Executive Officer, to help maximize performance with special focus on long term strategy. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220805005440/en/ Kevin Rock (Photo: Business Wire) Waldom’s Chairman, Jamil Nizam stated, “In order to build on our significant growth over the last several years, I have been working diligently to create a world-class Advisory Board. I am thrilled to have assembled this board of exceptional individuals who will bring their skills, experience and objectivity to help Waldom realize its goals, vision and mission.” Waldom welcomes the following members to its Advisory Board: - Kevin Rock, Former President of TE Connectivity’s Industrial Solutions Segment with o

Sermo Barometer Reveals Growing Concern Among Global Physicians Regarding Monkeypox8.8.2022 16:00:00 CEST | Press release

With the spread of monkeypox on the rise and the World Health Organization (WHO) declaring a global health emergency, findings from a recent survey conducted by Sermo, a physician-first online community and leader in global HCP insights, show there is high concern about public misinformation spreading. The survey also found that while 71% of respondents would recommend vaccination as a preventative measure to a patient who was concerned about contracting monkeypox, 65% of doctors say their country does not have enough vaccines. The barometer survey included 1,011 physician respondents from 20 countries, with key findings including: Concerns About Misinformation Seventy-eight percent of physician respondents are concerned about the spread of monkeypox misinformation and 60% are concerned that monkeypox is being categorized incorrectly as a sexually transmitted disease, such as syphilis or HPV. Based on lessons from the COVID-19 pandemic, 36% feel public health authorities should priorit

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom