GIVEN MAJOLA
given.majola@inl.co.za MOBILITY fintech Moove, which provides revenue-based financing to mobility entrepreneurs across Africa, has raised $105 million (R1.6 billion) in an oversubscribed Series A2 round consisting of equity and debt.
The Nigerian-born global start-up and the world’s first mobility fintech provides revenue-based vehicle financing and financial services to mobility entrepreneurs. By embedding its alternative credit scoring technology in ride-hailing, e-logistics and instant delivery platforms, it can use proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services.
More than 3 million rides have been completed in Moove-financed vehicles across six markets (Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan) and three product categories: cars, trucks and motorbikes.
This round was led by existing investors, Speedinvest, Left Lane Capital and the latest.ventures,…