MOOVE’s Initiative to Raise Funds for Creating Flexible Options for Drivers to Own Cars in Africa

There are billions of people living in Africa majority of them having no or little access to transport financing. Africa has nearly the lowest capital spend on its transportation system. In Africa, it is quite luxurious if you own your car. Therefore, the car owners recycle the used cars among themselves as it is difficult for them to access the new ones. Moove is an African mobility company that has a fintech play. It is looking forward to finding ways to change it and raising 23 billion dollars to scale quickly across the subcontinent.

Moove is a car and vehicle financing partner of Uber in the sub-Saharan part of Africa. It provides an opportunity to drivers by giving them loans to sell the new vehicles and financially 95% of the purchase in roughly five days. They are given great time to pay their loans based on weekly revenue generated by driving Uber.

The company’s founders said that in Africa, there is a lack of vehicle financing; therefore, people do not buy cars. The only solution to this is to establish an asset financing model approach. To achieve this objective, Moove calls the mobility entrepreneurs. The founders of the company said that in Africa, there is a lack of vehicle financing.

Therefore, people do not buy cars. The only solution is to establish an asset financing model approach. To achieve this objective, Moove calls the mobility entrepreneur. This category includes the drivers that work in the mobility space.

It is a small portion of the population that requires vehicle financing. They have chosen the group as it will also solve the group’s unemployment problem that they are facing. Hence, instead of providing this opportunity to individuals who can’t pay the loan back, they provide the opportunity to drivers. This will prove to be a way to earn their income and guarantee to pay back the loan to the company.

Although Moove was introduced in 2019, the company has approved around 12,900 sign-ups, and it has completed nearly 850,000 trips till now. It means that the company has shown 60% growth monthly. It is also estimated that Moove has raised around 5.5 dollars since last year. The majority of the funds for the company came from the founder and co-founder. In addition to the $23 million series A, it has also revealed that there is around $40 million profit in debt financing, bringing its total funding to nearly $68.5 million.
Moove has established itself as the most outstanding tech companion working in Africa using this vehicle financing approach. The expansion of Moove further to three countries in 12 months shows increased demand for vehicle financing in many countries, including Africa.

What makes MOOVE different from other companies?

Its main objective is to provide drivers an access to new cars instead of the old ones. The company is also moving towards advancements by creating hybrid and electric vehicle fleets.
Therefore, by providing help to mobility entrepreneurs, they are developing a new efficient product line.
Similarly, it also helps people by providing them the opportunity of creating wallets that do not have their bank account. Therefore, its technology is changing, providing easy access to mobility and helping thousands of people earn their income.

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