British International Investment Invests US$20 Million In Nigerian Fintech Mooveby Fintechnews Africa 7 July 2022
British International Investment (BII), the UK government’s Development Finance Institution (DFI) formerly known as CDC Group, has unveiled its new name and made a US$20 million investment into Moove.
Moove, a mobility fintech democratising access to vehicle ownership in Africa, provides a revenue-based vehicle financing and financial services to mobility entrepreneurs.
The mobility fintech embeds its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, and using proprietary performance and revenue analytics to underwrite vehicle loans.
Since its launch in 2020, Moove has rapidly expanded its operations within Nigeria and has entered into new African markets including Ghana, Kenya, Uganda and South Africa, as well as Europe, Middle East and Asia markets.
The funding from BII will enable Moove to purchase and import brand new fuel-efficient cars into Lagos, which will be leased to drivers who can then earn their way to asset-ownership, over a three to four-year period.
Nick O’Donohoe, Chief Executive Officer at British International Investment said,
“In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry.
I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers.”
Ladi Delano, Co-founder and Co-CEO at Moove said,
“We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.
With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”
Featured image credit: British International Investment