Ladi Delano, a 39-year-old British-Nigerian entrepreneur, has led his startup, Moove, the world’s first mobility fintech firm, to raise an additional $8 million in financing from Absa Corporate and Investment Banking (CIB), signaling the growing influence of Delano and Moove’s impact in the African tech ecosystem.
The funding will further support the mobility fintech firm’s expansion plans, particularly in Ghana, as it aims to grow its vehicle fleet and extend its reach in new markets.
The $8-million investment from Absa comes nearly nine months after Moove raised £15 million ($16.6 million) in debt financing from Emso Asset Management, a London-based alternative asset manager.
The previous funding enabled the firm to scale up its operations in the United Kingdom following a successful launch in August. With the latest financing, Moove’s total funding from Absa now stands at $28 million, in addition to the $20 million secured last June.
Moove, co-founded by British-born Nigerian entrepreneurs Delano and Jide Odunsi in 2020, aims to democratize access to vehicle ownership. The company has made significant strides in the mobility fintech sector, operating in nine markets across Sub-Saharan Africa and India.
It presently operates as Uber’s sole car finance and vehicle supply partner in Sub-Saharan Africa in Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan and has seen more than 50-percent month-on-month growth since its launch.
Since its inception, Moove has facilitated more than 3 million rides in Moove-financed cars across Africa and expanded into six additional cities.
The startup has also connected numerous ambitious mobility entrepreneurs to ride-hailing, e-logistics, and fast-delivery marketplaces.
As part of its commitment to promoting mobility electrification, Moove has launched Moove Charge, the first end-to-end charge experience and complete EV charging network app designed specifically for ride-hailing drivers. This initiative aims to enable drivers to transition to electric vehicles seamlessly.
Jephthah Datsomor, Moove’s country manager for Ghana, expressed his enthusiasm for the partnership with Absa, highlighting its instrumental role in accelerating Moove’s growth.
He emphasized the shared commitment to drive local economies forward and underscored the transformative potential of providing affordable, high-quality vehicles.