From Joseph Inokotong, Abuja
The International Finance Corporation (IFC) has entered into a new partnership with Moove to improve urban mobility and ease heavy congestion in Nigeria’s megacity, Lagos, thereby helping to drive sustainable and inclusive economic growth in the metropolis.
Moove is an African mobility financial technology firm that provides vehicle financing to mobility entrepreneurs across the continent and is Uber’s exclusive vehicle financing and supply partner in sub-Saharan Africa.
The IFC said its “$20 million financing package to Moove includes an up to $10 million loan from its own account and $10 million mobilized from partners under the Managed Co-Lending Portfolio Programme (MCPP).
“The funding will enable Moove to add up to 1,400 new cars to its fleet, including a pilot fleet of hybrid cars, to support the roll-out of more energy efficient vehicles on e-hailing platforms”.
According to the IFC, “the financing comes on the back of Moove’s recent Series A, which raised $23 million to fuel growth and expansion into new markets and products”.
This brings Moove’s total funding raised to $68.2 million, comprising $28.2 million equity and $40 million debt.
Ladi Delano, co-founder and CEO of Moove said “IFC’s financing will support our efforts to revolutionise e-hailing in Lagos by rolling out new energy-efficient vehicles and will help us in achieving our vision to democratize vehicle ownership, empowering a new generation of mobility entrepreneurs, in particular women, by offering them greater flexibility and transparency”.