Moove sluit financiering van R300 miljoen af van Absa
‘s Werelds eerste mobiliteitsfintech bevordert uitbreiding bezuiden de Sahara naarmate de totale financiering meer dan $ 200 miljoen bereikt
- Moove, ‘s werelds eerste mobiliteitsfintech, heeft een financieringsfaciliteit van in totaal R300 miljoen (US$20 miljoen) verkregen van Absa Corporate and Investment Banking, waarmee dit de eerste bankrelatie is voor het twee jaar oude bedrijf.
- Sinds de eerste lancering in Zuid-Afrika in het vierde kwartaal van 2021, heeft Moove een snelle groei doorgemaakt, en deze laatste financiering zal het bedrijf in staat stellen zijn productaanbod te versterken en meer banen te creëren.
- Moove biedt op inkomsten gebaseerde voertuigfinanciering aan mobiliteitsondernemers en democratiseert de toegang tot voertuigbezit, waardoor duurzame werkgelegenheidskansen worden gecreëerd om degenen die voorheen werden uitgesloten van financiële diensten, te machtigen.
JOHANNESBURG–(BUSINESS WIRE)– Moove, ‘s werelds eerste mobiliteitsfintech, heeft R300 miljoen (20 miljoen dollar) aan financiering van Absa Corporate and Investment Banking (CIB) binnengehaald, waarmee de totale financiering sinds de lancering op meer dan 200 miljoen dollar komt. in 2020. De nieuwste financiering van de startup zal worden gebruikt voor zijn activiteiten in Zuid-Afrika om zijn groeiende aanbod van voertuigfinanciering aan meer klanten te versterken.
Moove Closes R300 Million Financing from Absa
World’s First Mobility Fintech Furthers Sub-Saharan Expansion As Total Funding Reaches Over $200mn
- Moove, the world’s first mobility fintech, has secured a financing facility totalling R300 million (US$20 million) from Absa Corporate and Investment Banking, making this the first bank relationship for the two-year old company.
- Since first launching in South Africa during Q4 2021, Moove has experienced rapid growth, and this latest funding will enable the company to strengthen its product offering and create more jobs.
- Moove provides revenue-based vehicle financing to mobility entrepreneurs and is democratising access to vehicle ownership, creating sustainable employment opportunities to empower those previously excluded from financial services.
JOHANNESBURG–(BUSINESS WIRE)– Moove, the world’s first mobility fintech, has secured R300 million (US$20 million) in financing from Absa Corporate and Investment Banking (CIB), bringing its total funding to-date to over $200 million since its launch in 2020. The startup’s latest funding will be used for its South Africa operations to strengthen its expanding vehicle financing offering to more customers.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220714005089/en/
Mobility entrepreneur receiving their car from the world’s first vehicle financing fintech Moove (Photo: Business Wire)
Launched in 2020 by Ladi Delano and Jide Odunsi, Moove is democratising vehicle ownership across Africa by providing mobility entrepreneurs access to revenue-based financing in markets with low access to credit. Using its alternative credit scoring technology, Moove provides vehicle financing to its customers to purchase brand new vehicles using a percentage of their weekly revenue. Having experienced overwhelming demand and exponential growth across its six sub-Saharan African markets, Moove-financed vehicles have completed over 5 million trips to date.
The mobility space in Africa is highly fragmented and informal, and the sector represents an opportunity in a continent where high unemployment is rife. According to Statistics South Africa1, over a third of South Africans were reported as unemployed during the first quarter of 2022, reaching a record 35.3% in Q4 2021. Moove will continue to scale its revenue-based vehicle financing model in South Africa, creating more jobs for mobility entrepreneurs to earn a living and own their vehicle.
Moove’s CEO and Co-founder, Ladi Delano, says, “At Moove, we pride ourselves on being a mission-led company that empowers its customers to earn their way to asset ownership through a sustainable source of employment. In Absa, we’re delighted to have the funding which will enable us to serve more Africans looking for a path to economic prosperity.”
“For decades, they’ve transformed the livelihoods of millions through access to financial services, making them an ideal partner for Moove to tackle this same mission in South Africa. With this new funding we’re strongly positioned to unlock new opportunities for mobility entrepreneurs across South Africa helping them generate income and ultimately driving the economy forward.”
Despite Africa’s status as the world’s fastest-growing continent, it has the lowest per capita car ownership rate, with over 1 billion Africans having limited or no access to vehicle financing. Moove has emerged as part of a new generation of African-born fintechs to lead the charge in the “mobility fintech” sector. This white space addresses the continent’s acute vehicle financing problem and empowers mobility entrepreneurs to become more productive and successful.
Morne Visagie, Head of Structured Asset Finance at Absa CIB says, “We are delighted to close this complex transaction with Moove, which has been an exciting journey over 18 months. This transaction enables the conventionally unbanked to gain access to finance, enjoy the benefits of their efforts and build a brighter future in a sustainable way”
Moove is Uber’s largest fleet vehicle supply partner in EMEA and has partnerships with several other mobility marketplaces, including Glovo, Swvl, Sendy, and Kobo360 across ride-hailing, trucking & logistics, last-mile delivery and mass transit. Since its initial launch in 2020, Moove has rapidly expanded to 13 cities across three continents.
To learn more about Moove and its mission to democratise vehicle ownership across the world, visit: https://www.moove.io/
- Moove is an African-born global start-up and the world’s first mobility fintech, providing revenue-based vehicle financing and financial services to mobility entrepreneurs.
- By embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, Moove uses proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services.
- Backed by some of the world’s leading investors, Moove has raised over $200 million to date, scaled to 13 markets across 3 continents, and its customers have completed over 5 million trips in Moove-financed vehicles.
- With a commitment to ensuring at least 60% of its fleet is hybrid and electric vehicles and that 50% of its customers are women, Moove is a mission-led business that puts impact at the core of its growth.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220714005089/en/
For additional information, please contact
Tommy Rufai of Wimbart PR