Moove is focused on delivering new fuel-efficient vehicles at scale, and we are committed to ensuring that at least 60% of the vehicles it finances are electric or hybrid vehicles. We are committed to ensuring that at least 50% of our customers are women
Although Africa is the fastest growing continent in the world, it has the lowest car ownership rate per capita, largely due to an extremely low car finance penetration in the continent. In 2019, there were 868,930 new vehicle sales across Africa. In a region where unemployment is high, work alternatives are practically non-existent. For many, access to a vehicle for work is literally the difference between life and death. The families and communities of these mobility entrepreneurs depend on these assets to survive. Once they understood why mobility entrepreneurs were struggling to be productive, they knew it was a problem we needed to solve.
Moove co-founders Ladi Delano and Jide Odunsi are passionate about transforming the financial experience of the vast majority of Africans.
They knew from direct experience that access to bank loans and other financial services was extremely difficult and expensive for most Africans. They had already seen payday loan platforms emerge in Nigeria, but most of them were sending Nigerians into a vicious debt trap. Their interest in consumer credit has led them to explore access to credit (or lack thereof) in depth – particularly car financing.
Step by step – mobility entrepreneurs and drivers on carpooling, e-logistics and instant delivery platforms go to moove.io, select “Drive with us” where they can browse vehicles, choose their country, city and platform they choose to drive with then apply to drive. Moove will process their request and customers can receive a vehicle in approx. 5 days.
What are Moove’s unique key points? How are you different from existing competitors?
Moove is unique in its position as an Africa-born Fintech, breaking down barriers to vehicle financing and now expanding its business model globally. A little over two years ago, we discovered this white space that we called Mobility
With our great team at Moovers, we were also able to scale quickly because we found an incredible product-market fit. Our revenue-based funding model essentially allows mobile entrepreneurs to hit the road immediately. Moove is a mission-driven company that focuses on impacting three key commitments:
Moove aims to give people around the world access to affordable car financing while creating job opportunities and empowering a new generation of mobility entrepreneurs. We are also committed to improving financial well-being through an ecosystem of products and services available on the Moove app.
Environment & Safety:
Moove is focused on delivering new fuel-efficient vehicles at scale, and we are committed to ensuring that at least 60% of the vehicles it finances are electric or hybrid vehicles. We are also committed to improving safety standards through training and ongoing vehicle maintenance and upkeep.
Using our alternative credit scoring technology and revenue-based model, Moove enables more women to access finance and become mobility entrepreneurs. We are committed to ensuring that at least 50% of our customers are women. We support our female customers through a network of female Moove ambassadors and develop features and products in collaboration with female customer groups.
Moove received IFC’s annual business award, among the 20 most impactful and transformative projects across all sectors and regions of the world
Moove Featured in IFC’s Social Bond Program as a Positive Impact Flagship Project
Moove has qualified for the BII (British Investment International) 2X Challenge and the BOLD (Black Organization for Leadership and Development) Challenge, in recognition of our commitments to gender equality as a Black African-owned business
What is the funding status and monetization model?
In the recent Series A2 funding round, Moove raised $105 million in funding from existing investors and new institutions. Since launch, Moove has raised $200 million in total, including $80 million in debt capital.
Our venture capitalists consist of: Thelatest.ventures, Speedinvest and Left Lane Capital, led the Series A2 round. Other equity investors are DCM Ventures, Clock Tower Ventures, LocalGlobe, Tekton, Palm Drive Capital, FJ Labs and Africinvest and MUFG Innovation Partners, which were new investors in the last round.
Debt: International Finance Corporation (IFC), EMSO Asset Management, NBK Capital Partners, Kreos Capital
What challenges do you face in running your business?
Moove RGM for India and South Asia talks about the launch of Moove in India and mentions: “Moove exclusively supplies Uber in its key regions in India and South Asia. The India SA region is very diverse, with multiple demographics present throughout the belt. , to launch a new product, in such a diverse region, localization is necessary for each territory. Therefore, designing the perfect product that appeals to the masses and simultaneously achieves the company’s goals at every stage sometimes becomes the biggest challenge. .
Moreover, our target audience, which are the mobility entrepreneurs in our country, are the smartest and most conscious minds who have a perfect knowledge of the market of their space. During the Covid, these entrepreneurs suffered a lot, many of them lost their vehicles and lost confidence in this space. Our biggest challenge is to earn their trust by building a business that is focused on their growth and aspirations,” said Binod Mishra, Regional General Manager of Moove, India and South Asia.
What has been the customer/customer response so far?
We had a phenomenal response from customers and our launch in India was an outstanding success. Mobility marketplaces are hampered by the lack of drivers. Moove solves this critical supply problem by empowering more people to become mobility entrepreneurs and enabling the development of a new generation of gig workers.
What are the traction details (users, reach, and other company achievements)?
Since launching in Lagos in 2020 with one partner and one vehicle class, we now have:
● 7 million trips
● 8 partners
● 4 categories of vehicles
● 13 markets in 9 countries
How do you see the expansion?
As a mission-driven organization, our long-term vision is to have global impact and we have set ourselves ambitious internal commitments to achieve that impact. First, we will build the world’s largest and most productive fleet of electric vehicles to move people and goods. Our model has provided a unique opportunity to pioneer the electrification of large-scale mobility fleets around the world, especially in emerging markets. This is a really exciting new area of growth for us and we are proud to be a major contributor in the fight against climate change.
Second, we are committed to helping more women access finance and become mobility entrepreneurs. We are committed to reaching 50% female customers. Not only do we think it’s the right thing to do, but we’ve also found that women are highly productive and even better managers of their vehicles than men. We have implemented a variety of vehicle finance products and customer acquisition programs, including Nigeria2Equal, an IFC-led multi-stakeholder program aimed at closing gender gaps in employment and entrepreneurship in the Nigerian private sector, to incentivize female clients, provide greater flexibility and meet their needs in the workplace.
Third, we aim to serve the underserved and unbanked communities of our customer base by providing integrated financial services products to mobility entrepreneurs around the world, many of whom entered the financial industry after gaining access to a Moove vehicle. As a result, Moove opens up wider financial opportunities for them.