— Moove secured £15 million to expand its vehicle financing service in the UK.
— The company plans to provide only EVs in the UK.
Moove, an automobile financing firm with its origins in Nigeria, is expanding its operations in the UK with the backing of £15 million funding.
“This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we’re committed to solving at Moove. We’re 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,” Ladi Delano, Moove’s co-founder and CEO, told TechCabal.
The company had started operating in the UK sometime in August 2022, providing only EVs for its clients. It has launched a product, Moove Charge, which is a charge experience and EV charging network app designed for ride-hailing drivers. This product enables customers to locate, control, and pay for charging across more than 7,000 slow, fast and rapid charge points.
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With Europe’s carbon emission goals, it makes sense that Moove is focusing on an 100% EV fleet in its UK entrance.
Before that, it had focused on Nigeria and Ghana markets. Although, it has also been servicing clients in Middle East and North Africa through a collaboration with Egyptian ride-hailing company, SWVL.
Even in African countries where electric vehicles are not yet in wide adoption, the company finances new fuel-engine cars that cause lesser climate degradation.
The year 2022 has been truly remarkable for the startup and it had previously raised a $10 million funding in February and $105 million in a Series A round in March.
Moove uses a plug-and-play model, which integrates the APIs of its partners, to expand into new markets seamlessly. This allows it to generate creditworthiness scores for automobile financing. The company is one of Uber’s largest vehicle supply partner in Europe, Middle East, and Africa.
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