Less than two months after raising $10 million, mobility fintech Moove Africa secured additional resources to fund its expansion on and off the continent.

Moove Africa, a Nigerian-created  fintech company that makes it easier for African entrepreneurs to access financing for new vehicle purchases, announced on Monday, March 14, that it raised $105 million in equity and debt in a Series A2 financing. The deal brings to $174.5 million the total funds raised to date by the company founded in 2019 by Nigerian-born Britons Ladi Delano and Jide Odunsi.

“Less than two years ago, we discovered this white space of mobility fintech and launched Moove. After surpassing 3 million trips in Moove-funded vehicles across Africa, rolling out our service in six new African cities, and connecting mobility entrepreneurs to the ride-sharing, e-logistics, and delivery markets, we are now leading this growing Fintech sector... We are thrilled to have the support of investors around the world who will help us take our model to the world,” commented Ladi Delano.

This new fundraising comes less than two months after Moove Africa obtained a $10 million financing facility from UAE-based investment firm NBK Capital Partners. The money, raised on 1 February 2022, was aimed at supporting the West African expansion of Uber's exclusive partner for vehicle financing and provisioning in sub-Saharan Africa.

The mobility fintech plans, over the next six months, to continue its expansion into seven new markets in Asia, Europe, the Middle East and North Africa (MENA) region. The company, which is present in six African cities, also intends to build new partnerships while expanding its range of vehicles.

In Africa, less than 5% of all new vehicles are purchased with a loan compared to 92% in Europe, Moove Africa complains. On the continent, the vehicle ownership rate is below 44 cars per 1,000 people, compared to 640 per 1,000 in Europe and 816 in the United States, the mobility fintech continues. According to the company, Africa’s low ownership is due to a low penetration rate of borrowing, which it believes has limited the ability of more than 1 billion Africans on the continent to purchase new vehicles. According to Ladi Delano, millions of entrepreneurs in emerging markets have limited or no access to vehicle financing, even though the market opportunity is vast. The two-wheeler rental market is estimated at $80 billion in sub-Saharan Africa, according to data provided by Moove. Yet the continent recorded fewer than 900,000 new vehicle sales in 2019, compared to 17 million in the United States.

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