August 18, 2021Africa
Moove raises $23M to create flexible options for drivers to own cars in Africa
In a continent with the lowest per capita vehicle ownership in the world, a Fintech focused on lending wants to change that. Moove, an African mobility company with a Fintech play and is raising $23 million in Series A to scale rapidly across the continent.
Moove is Uber’s exclusive car financing and vehicle supply partner in sub-Saharan Africa. The company embeds its alternative credit-scoring technology, allowing access to proprietary performance and revenue analytics to underwrite loans. It provides loans to these drivers by selling them new vehicles and financing up to 95% of the purchase within five days of sign up. They can choose to pay back their loans over 24, 36 or 48 months, using a percentage of the weekly revenue generated while driving on Uber.
