Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in Europe, Middle East, and Africa (EMEA), has raised £15 million in debt financing from Emso Asset Management.
The financing facility will enable it to scale up its United Kingdom (UK) operations with the aim of having 10,000 Electric Vehicles (EVs) on the roads by 2025
Founded by entrepreneurs; Ladi Delano and Jide Odunsi, Moove 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.
In a press statement, made available to LEADERSHIP, co-founder and co-CEO at Moove, Ladi Delano said: “this financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we have already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we are committed to solving at Moove. We are 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.”
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.
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.
