Nigerian Mobility Startup Moove Expands to Cape Town

Nigerian mobility startup Moove, has announced its expansion to Cape Town as it gears up for further pan-African growth.

Moove was founded by British-born Nigerians Ladi Delano and Jide Odunsi, with the aim of democratizing vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.

Moove adopts a process that focuses on mobility entrepreneurs, who will be able to earn money, allowing them to pay off the vehicle over time.

Moove leverages its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, allowing access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans.

In August, 2021, Moove announced it raised $23m in series-A funding to expand its tech-based vehicle financing platform. The expansion into Cape Town marks the fourth city in which Moove has launched within only 15 months of operations, building on existing operations in Johannesburg, Lagos and Accra.

The news also coincides with five new hires for Moove’s global C-suite and the milestone of completing one million Uber trips in Moove-financed cars.

Sinako Cetyiwe, South Africa country manager for Moove expressed excitement while saying that the startup intends to grow its status in South Africa.

“We’ve only been operating in South Africa for four months, but it’s an excellent market with huge demand for our product.

“The next phase for Cape Town and the rest of the country is to grow our sign-ups, revenue, and trips so that we can empower more South Africans to become mobility entrepreneurs and earn a living in safe, new vehicles.”

Moove plans to establish a presence in more locations over the coming months.