Moove secures £15 million funding to scale up its UK operations
Moove's £15 million financing facility will enable it to scale up its UK operations with the aim of having 10,000 EVs on the roads by 2025.
Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in EMEA, is announcing it has raised £15 million ($16.7 million) in financing from Emso Asset Management to scale up its UK operations following a successful launch in August.
Recall that Moove launched its operations in London in August with a 100% electric vehicles (EV) rent-to-buy model that provides mobility entrepreneurs access to brand-new, zero-emissions vehicles 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.
In a turbulent year globally, Moove finance is one of the startups successfully navigating the ecosystem with aplomb. This latest investment brings the total capital the startup has announced this year to four, which has culminated in more than $150 million (equity and debt).
In February 2022, Moove secures $10 million venture debt from NBK Capital Partners Mezzanine Fund II. In March 2022, the startup announced a $105 million Series A2 oversubscribed round consisting of equity and debt led by Speedinvest, Left Lane Capital and thelatest.ventures.
Also in June 2022, Moove secured $20 million in financing from the UK government’s development finance institution, British International Investment (BII) (formerly known as CDC Group).
Moove is on a roll
Founded by entrepreneurs Ladi Delano and Jide Odunsi, Moove launched in Lagos, 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’, a white space it created and which is solving the challenge of limited access to vehicle financing for millions of gig workers across ride-hailing, logistics, and instant delivery sectors, of which there are around 4.5 million in the UK alone.
Moove's alternative credit scoring technology provides access to vehicle financing to gig worker 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 in Uber's electrification efforts, with over 7,000 EVs on the platform – the most of any Uber city. Moore's London operations will enable Uber to progress towards its goal of becoming an all-electric platform in the capital by 2025.
Moove estimates that the 10,000 EVs it plans to finance by 2025 in London will contribute to a reduction of around 63,000 megatonnes of carbon dioxide emissions per year. 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.
Moove Charge enables Moove customers to locate, control, and pay for charging across one of the largest roaming networks in London, covering over 7,000 slow, fast and rapid charge points, providing a better and easier experience for drivers as well as riders as it enables more electric cars to be on the road and reduced wait times.
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.”
Earlier this year, Moove partnered with Swvl to roll out electric vehicles across the MENAP (Middle East, North Africa, and Pakistan) region. It also collaborated with CFAO Motors to purchase new vehicles for Nigeria and Ghana’s mobility entrepreneurs