Moove closes $8m financing from Absa

African start-up Moove – which provides vehicle loans to ride-hailing, e-logistics and instant delivery drivers – has secured $8 million in financing from Absa Corporate and Investment Banking (CIB), bringing its total funding to-date from the bank to $28 million. This follows Moove’s $20 million financing facility from Absa for its South Africa operations announced in June 2022. The new funding will play a crucial role in bolstering Moove’s expanding vehicle fleet in Ghana, further fuelling its mission to democratise vehicle ownership and provide employment opportunities within gig economies worldwide.

Following its latest financing, Moove will significantly boost its existing fleet of brand-new, fuel-efficient Suzuki S-Presso vehicles, which will be assembled in Ghana.

Jephthah Datsomor, Moove’s country manager for Ghana says, “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.”

“In light of Ghana’s current economic challenges, there arguably hasn’t been a more critical time in recent years to invest in the potential of its young people. With this in mind, we’re proud to be in an even stronger position to break down the barriers to a wealth of employment opportunities and further empower Ghana’s emerging class of mobility entrepreneurs.”

Moove was founded in 2020 by Ladi Delano and Jide Odunsi. The startup is also Uber’s largest fleet vehicle supply partner in the EMEA region.

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