Moove, the mobility fintech, has raised $8mn to bolster it’s expanding vehicle fleet in Ghana, further fueling its mission to democratise vehicle ownership and provide employment opportunities within gig economies worldwide.
The financing from Absa Corporate and Investment Banking (CIB), brings its total funding to-date from the bank to $28m following last year’s $20mn financing facility from Absa for its South Africa operations.
According to Jephthah Datsomor, Moove’s Country Manager for Ghana, “We’re delighted to be strengthening our partnership with Absa, whose support has played a pivotal role in accelerating Moove’s growth since becoming our first bank partner in 2022. Our latest collaboration not only reinforces our shared commitment towards driving our local economies forward, but also the transformative role that the provision of affordable, high-quality vehicles can play in achieving this goal.”
With the funding, Moove expects to further propel it’s sustained traction in Ghana, which has seen the startup deliver over 2.7mn trips through Moove-financed vehicles and cover over 3,000 lives through its health and life insurance policies for its customers and their dependents.
The firm also aims to significantly boost its existing fleet of brand-new, fuel-efficient Suzuki S-Presso vehicles, which will be assembled in Ghana.
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove-financed vehicles have to-date completed over 21mn trips worldwide. The startup is also Uber’s largest fleet vehicle supply partner in EMEA.
Ellen Ohene-Afoakwa, Managing Principal for Corporate and Investment Banking, Ghana, at Absa CIB, adds “As one of Africa’s largest financial services groups, we have a huge responsibility to continue leveraging innovative technologies that will empower more people across the continent to bring their dreams and aspirations to life. Our partnership with Moove has been a crucial driver of this mission, opening the door to a huge influx of opportunities for Ghana and South Africa’s gig economy drivers. We look forward to continuing our work alongside the Moove team and leveraging our on-the-ground expertise to further generate massive value for its local stakeholders.”
Despite Africa’s status as the world’s fastest-growing continent, it has the lowest per capita car ownership rate, with over 1 billion Africans having limited or no access to vehicle financing. However, Moove has emerged as part of a new generation of African-born fintechs to lead the charge in the “mobility fintech” sector. This is a white space founded by the company to address the acute vehicle financing problem across emerging markets globally and empower mobility entrepreneurs to become more productive and successful.