By Ayo Alonge

Two Nigerian entrepreneurs, Ladi Delano and Jide Odunsi, have announced a $23million funding for a new mobility fintech startup, Moove.

Operating on a continent with more than a billion people who have limited or no access to vehicle financing and the lowest per capita vehicle ownership in the world, Moove will use the funding round to build a full-service mobility fintech that democratises vehicle ownership across Africa.

Co-founders Ladi Delano and Jide Odunsi are British-born Nigerians, educated at the London School of Economics, Oxford University and MIT, who have successfully built three other businesses in Africa, over the last eight years. Ladi is a serial entrepreneur and Jide is a former investment banker at Goldman Sachs and former management consultant at McKinsey. Driven by a common passion to create shared value leveraging their extensive operating experience on the continent, they set out to build Moove to provide Africans with a path to new vehicle ownership while creating new jobs.

According to Delano, “In a continent full of opportunity, mobility is key to moving economies forward and this funding contributes to our ability to provide revenue-based financing, as Moove empowers Africans to safely become mobility entrepreneurs.

Related News

“We help people buy new cars who otherwise couldn’t afford them. And then, using the vehicle as a mobility entrepreneur, they’re able to earn money, which allows them to pay off the vehicle over time.

“Moove embeds its alternative credit-scoring technology in ride-hailing and e-logistics platforms, which allows access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans. Moove’s model is to provide loans to its customers by selling them new vehicles and financing up to 95 per cent of the purchase within five days of sign up. 

“Moove customers can choose to pay back their loans over 24, 36, or 48 months, using a percentage of their weekly revenue. All Moove customers sign up to the Moove app to manage all transactions and access other financial products on the platform.”

Moove is Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa, with Moove-financed cars having completed more than 850,000 Uber trips covering over 13 million kilometers across the continent to date.