Moove will use the funding to fuel global expansion. Here are the top-line bullets you need to know.
Moove, a mobility fintech firm, has raised $105M in debt and equity. $65M in equity funding has been provided by Speedinvest, Left Lane Capital, and AfricInvest, among others. Undisclosed investors have contributed the debt financing.
How’s the company performing?
- Nigeria-based Moove provides revenue-based automotive financing to mobility entrepreneurs in Africa.
- The company has financed over 3M trips.
- It intends to grow its female customer base by 50%.
- Moove is present across multiple cities in Africa, including Lagos, Accra, Johannesburg, Nairobi, Ibadan, and Cape Town.
Source: Moove
Why does the market matter?
- The global automotive finance market is expected to reach a value of $394.1B by 2028, growing at a CAGR of 7%, according to Grand View Research.
- Growing consumer preference for leasing models and direct auto loans has contributed to market growth.
