Home Startups With a $23m War Chest, Moove Launches in Cape Town, Eyes Pan-African Expansion

With a $23m War Chest, Moove Launches in Cape Town, Eyes Pan-African Expansion

by Milcah Lukhanyu
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Moove, an African mobility fintech, has today launched in Cape Town in its pan-African expansion strategy to make vehicle financing and ownership easier for Uber drivers.

The Cape Town launch follows Moove’s recent $23m Series A funding and builds on existing operations in Johannesburg, Lagos and Accra, with a goal of democratizing vehicle ownership across Africa.

According to Sinako Cetyiwe, South Africa Country Manager for Moove, “We’ve only been operating in South Africa for four months, but it’s an excellent market with huge demand for our product. The next phase for Cape Town and the rest of the country is to grow our sign-ups, revenue, and trips so that we can empower more South Africans to become mobility entrepreneurs and earn a living in safe, new vehicles.”

Co-founded in 2019 by serial entrepreneurs, Ladi Delano and Jide Odunsi, Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms. As Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa, reaching one million trips comes at a time when Moove is seeing a significant uptick in sign-ups. To date, there have been more than 14,700 sign-ups across the continent.

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. In Nigeria, Moove introduces low-barrier entry methods into the Uber app by offering improved pricing models for car ownership through solutions such as flexible rental and drive-to-own options.

The multiple ownership methods are designed to suit drivers with diverse budgets and goals, ultimately reducing the risk of defaulted payments.

Moove’s flexi-rental option provides short-term vehicle access, that spans between one to four weeks, while drive-to-own options are available to drivers with 24, 36 and 48 month agreements respectively.

In Ghana, Moove is working with Uber to develop strategies to help drivers manage their financial operating costs. Moove is supporting drivers across Ghana to grow their businesses and improve their livelihoods within a shorter time frame, especially as mobility returns to cities across the continent.

This period of growth has also enabled Moove to boost its leadership team, bringing in several new hires to the C-suite to oversee the launch in new markets, deepen the technology and secure partnerships across other vehicle categories. Notably, Caroline Hazlehurst joins as President of Operations, Ammar Naqvi as Chief Technology, Youssef Ouyhya as Chief Data Officer, Tuvia Rosenthal as Chief Product Officer, and Quinten Indarjith as Chief Fleet Officer. The new executives with collective experience at Amazon, Bird, Careerm, Facebook, Google and Toyota will work alongside existing senior leadership comprised of Tayo Oyegunle, Chief Operations Officer Africa, Tingting Peng, Head of Capital Partnerships & ESG, Andries Hugo, Head of Finance Africa, and Oyinade Osobajo, Head of Marketing Africa.

“With consistent 60% month-on-month growth since we launched in Lagos in mid-2020, I’m proud of our team for getting us to four markets in just 15 months.,” added Ladi Delano, Co-Founder and CEO. “We are super excited about our new team members, who, alongside our existing Moovers, will undoubtedly continue to help us attract more diverse talent as we look to build a dynamic, fun, and rewarding place to work.”

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