$10M FUNDING FOR MOOVE FROM NBK CAPITAL PARTNERS

Ubers exclusive vehicle supply partner in Africa ‘Moove’ have closed a $10m (R153m) deal for finance with NBK Capital Partners Mezzanine Fund. This is the the sixth investment of this kind from the Fund advised by NBK Capital Partners.

Moove’s expansion into West Africa will be supported by the Fund initially. Its the first investment of its kind by NBK Capital Partners funds in Africa. This will underline an opportune platform to challenge Africa’s vehicle financing gap.

Ladi Delano and Jide Odunsi are the co founders of Moove, born in Nigeria, were educated at the London School of Economics, then Oxford University and MIT and have built three other successful businesses in Africa before Moove.

Moove initially came to fruition in 2019, Moove is an African mobility fintech that is levelling the playing field for vehicle ownership by providing revenue-based vehicle financing to mobility entrepreneurs across Africa.

The CEO of NBK Capital Partners Yaser Moustafa said “We are very excited to partner with Moove on its journey to transform access to credit for millions of people across the African continent”.

The total funding for Moove now exceeds $78m and will fuel their trajectory to grow as they expand their operations regionally for mobility entrepreneurs.

Moove are committed to having at least half of their customer base being females and providing them with everything they need to succeed in that form of employment.

The company launched operationally in 2020 and have completed over 2 million trips to date.

Source: BizCommunity February 2022