Nigerian Vehicle Financing Company, Moove Raises £15 Million, Aims at Reducing Carbon Emissions in the UK
Nigerian-owned world’s first mobility fintech company, Moove, with operations in Nigeria (Lagos and Ibadan) and eight other markets across different African countries as well as in India and the UK — has raised £15 million ($16 million) from Esmo Asset Management to scale operations after its August launch in the latter.
The mobility company launched in London with a 100% Electric Vehicle (EV) rent-to-buy model that provides entrepreneurs operating in the industry access to brand-new, zero-emissions vehicles for a flat weekly fee. With its latest financing facility, Moove will increase its vehicles to 10,000 by the end of 2025 and become the largest EV partner on Uber’s platform in London.
Founded by Ladi Delano and Jide Odunsi, Moove launched in Lagos, Nigeria in 2020 to simplify access to vehicle ownership. The leading mobility fintech company was created to solve 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 has completed over 9 million trips with its infrastructure and has served as a job employer, providing access to financial services and asset ownership.
London is the global leader in Uber’s electrification efforts, with over 7,000 EVs on the platform – the most of any Uber city. Moove’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 launched the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers called Moove Charge.
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.
Commenting on the development, co-founder and co-CEO at Moove, Ladi Delano 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.”