Nigeria’s mobility fintech, Moove, has raised $105 million in an oversubscribed Series A2 round consisting of equity and debt. The round brings the total raised by Moove to $174.5 million after it raised $23 million in its oversubscribed Series A round in August 2021 and securing seed-stage funding from Future Africa in 2019.
Investors who took part in the round of funding include Speedinvest, Left Lane Capital, thelatest.ventures, AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital.
Moove says it will use the funding to scale its revenue-based vehicle financing model to mobility entrepreneurs across Asia, MENA and Europe. It also plans to expand its partnerships and vehicle classes to include cars, trucks, bikes, three-wheelers, and buses.
Launched in 2020, Moove provides mobility entrepreneurs access to revenue-based financing in markets with low access to credit. Using its alternative credit scoring technology, the firm provides vehicle financing to its customers so they can purchase brand new vehicles using a percentage of their weekly revenue.
The startup has experienced increased demand and growth across Africa, with its vehicles having completed over 3 million rides covering more than 25 million kilometers.