Nigeria-based mobility fintech Moove has raised $105 million in a second series A funding round.
The funding, from existing and new investors, will enable Moove to expand beyond Africa into seven new markets across Asia, the Middle East North Africa and Europe.
Launched in 2020 and now present in six African cities, Moove provides vehicle financing to drivers of ride-hailing, logistics and instant delivery platforms by integrating with them and using their data to inform credit decisions.
The fintech has enjoyed a rapid rise, closing a $23 million series A round last August and securing $10 million of debt financing more recently.
Since the August fundraise, Moove has also added five new strategic partners, launched two new vehicle classes, expanded into delivery and grown operations from three to six African cities.
Commenting on the second series A round and Moove’s plans, Jide Odunsi, co-founder and co-chief executive officer at the fintech, said: “The Moove model that we’ve pioneered in Africa providing revenue-based vehicle financing to mobility entrepreneurs can be applied anywhere in the world, which is why we’re excited to be expanding to new emerging markets in Asia and the MENA region.”
Existing investors Speedinvest, Left Lane Capital and thelatest.ventures supported this funding round, with participation from new investors AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.