The startup launched in London last August. It operates a 100% electric vehicle lease-purchase model, which gives mobility entrepreneurs access to new zero-emission vehicles for a fixed weekly fee.

Mobility financing startup Moove Africa announced a £15 million, or US$16.9 million financing secured from Emso Asset Management.

The financing will help Moove expand its UK operations after a successful launch in August. The startup also plans to grow to 10,000 vehicles by the end of 2025 and become Uber's largest electric vehicle (EV) partner in London.

“This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we’re committed to solving at Moove. We’re looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility," commented Ladi Delano, Moove Africa co-founder, and co-CEO. 

Last March, the company began its global expansion after raising US$105 million in a Series A2 round of equity and debt financing. It supplemented that funding with US$20 million raised from the U.K. government's development finance institution, British International Investment (BII), formerly known as CDC Group.

To date, the vehicles (cars, trucks, and motorcycles) financed by the fintech startup have completed more than three million trips in nine markets including Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan. 

In London, its operations will help Uber progress toward its goal of becoming an all-electric platform in the UK capital by 2025. To facilitate this transition to EVs in London, Moove has launched Moove Charge, the first end-to-end charging experience and comprehensive EV charging network app specifically for rideshare drivers.

Samira Njoya