Moove, a Nigerian-founded mobility fintech and Uber’s vehicle supply partner in EMEA, has raised £15 million in financing from Emso Asset Management to scale up its UK operations following a successful launch in August.
Moove launched in London in August with a 100% EV rent-to-buy model that provides access to brand-new, zero-emissions vehicles to mobility entrepreneurs for a flat weekly fee. The new financing facility will enable Moove to scale up to 10,000 vehicles by the end of 2025 and become the largest EV partner on Uber’s platform in London.
Founded by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove was launched in Lagos, Nigeria in 2020 to democratise access to vehicle ownership.
Having now scaled to nine markets across sub-Saharan Africa and India, Moove is leading the charge in the ‘mobility fintech sector’, a white space it created and which is solving 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.
The startup’s alternative credit scoring technology provides access to vehicle financing to gig worker customers who may have previously been excluded from financial services. Over the past two years, Moove has enabled sustainable job creation and a path to asset ownership with its customers having completed over 9 million trips in Moove-financed vehicles.
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 also launched Moove Charge, the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers. Moove Charge enables 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.
Ladi Delano, co-founder and co-CEO at Moove, said: “This financing comes at a really exciting time for us. 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.”