A Nigerian startup, Moove Africa BV, that provides vehicle financing to Uber Technologies drivers among others, has raised $105 million to expand operations in new markets including in Asia and the Middle East.
The company in a statement issued on Monday explained that the round brings the total raised by the fintech group to $174.5 million.
The funding was led by existing investors, Speedinvest, Left Lane Capital and the latest ventures, with the participation of new backers including AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.
Established in 2020 by Ladi Delano and Jide Odunsi, Moove provides financing for vehicle and other forms of mobility across Africa through a scoring system to pick eligible borrowers that may not have a credit record. The company plans to add seven new markets over the next six months, it said.
Moove is one of a number of African startups to be raising cash, particularly in the fintech sector. New firms on the continent raised a record $5 billion last year. Moove was one of them, attracting $23 million in August.
The statement added: “well-positioned and well funded” to help tackle the challenge of limited access to vehicle finance in emerging markets, Ladi Delano, co-founder said. “We’re delighted to have the support of leading investors across the globe.”