British International Investment commits $20m to Moove

British International Investment (BII), the UK government’s development finance institution (DFI), formerly known as CDC Group, announced a $20 million, four-year structured credit investment in Moove – a mobility fintech democratising access to vehicle ownership in Africa.

Founded by serial entrepreneurs, Moove is democratising access to vehicle ownership by providing revenue-based vehicle financing and financial services to mobility entrepreneurs. The mobility fintech is creating sustainable employment opportunities to empower those otherwise excluded from financial services by embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, and using proprietary performance and revenue analytics to underwrite vehicle loans.

Since its launch in 2020, Moove has rapidly expanded its operations within Nigeria and has entered into new African markets including Ghana, Kenya, Uganda and South Africa, as well as Europe, Middle East and Asia markets. Currently, mobility marketplaces such as Uber face difficulty meeting rising rider demand, due to limited access to car supply and onerous and inflexible auto leasing products for aspiring drivers. The funding from BII will enable Moove to purchase and import brand new fuel-efficient cars into Lagos, which will be leased to drivers who can then earn their way to asset-ownership, over a three to four-year period. This will also alleviate one of the key blockages to the development of ‘ride-hailing’ transportation infrastructure in Nigeria’s commercial capital.

Ladi Delano, co-founder and co-CEO at Moove said, “We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs. With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”

Nigeria is the BII’s biggest investment market in Africa, with a portfolio of nearly $570 million, through more than 100 businesses and 43 funds, which collectively support almost 45,000 jobs across the country in 2020.