Mobility fintech Moove raises $8 million to expand its fleet in Ghana

Mobility fintech, Moove, has secured $8M in financing from Absa Corporate and Investment Banking (CIB), bringing its total funding to-date from the pan-African bank to $28M.

This follows Moove’s $20M financing facility from Absa for its South Africa operations announced in June 2022.

The funding will play a crucial role in bolstering Moove’s expanding vehicle fleet in Ghana, further fuelling its mission to democratise vehicle ownership and provide employment opportunities within gig economies worldwide.

Related post: Moove secures $105 million in Series A2 round to scale its vehicle financing model globally

Following its latest financing, Moove will significantly boost its existing fleet of brand-new, fuel-efficient Suzuki vehicles, which will be assembled in Ghana.

The new expansion is expected to further propel Moove’s sustained traction in Ghana, which has seen the startup deliver over 2.7 million trips through Moove-financed vehicles and cover over 3,000 lives through its health and life insurance policies for its customers and their dependents.

Jephthah Datsomor, Moove’s Country Manager for Ghana, says, “We’re delighted to be strengthening our partnership with Absa, whose support has played a pivotal role in accelerating Moove’s growth since becoming our first bank partner in 2022. Our latest collaboration not only reinforces our shared commitment towards driving our local economies forward, but also the transformative role that the provision of affordable, high-quality vehicles can play in achieving this goal.”

In light of Ghana’s current economic challenges, there arguably hasn’t been a more critical time in recent years to invest in the potential of its young people. With this in mind, we’re proud to be in an even stronger position to break down the barriers to a wealth of employment opportunities and further empower Ghana’s emerging class of mobility entrepreneurs.”

Ellen Ohene-Afoakwa, Managing Principal for Corporate and Investment Banking, Ghana, at Absa CIB, adds “As one of Africa’s largest financial services groups, we have a huge responsibility to continue leveraging innovative technologies that will empower more people across the continent to bring their dreams and aspirations to life. Our partnership with Moove has been a crucial driver of this mission, opening the door to a huge influx of opportunities for Ghana and South Africa’s gig economy drivers. We look forward to continuing our work alongside the Moove team and leveraging our on-the-ground expertise to further generate massive value for its local stakeholders.”

Related post: Moove secures $20M finance from renamed British International Investment