movethe world’s leading mobility fintech and Uber’s largest vehicle delivery partner in EMEA, announces it has raised £15m from Emso Asset Management to expand its operations in the UK after a successful launch in August.
Moove launched in London in August with a 100% EV rent-to-own model that gives mobility entrepreneurs access to new, zero-emission vehicles for a fixed weekly rate.
The new funding facility will enable the mobility fintech to scale up to 10,000 vehicles by the end of 2025 and become the largest EV partner on Uber’s platform in London.
Electrifying mobility at scale
Founded by entrepreneurs Ladi Delano and Jide Odunsi, Moove was launched in Lagos, Nigeria in 2020 to democratize vehicle ownership.
After expanding to nine markets in sub-Saharan Africa and India, the mobility fintech is leading the charge in the “mobility fintech industry,” a white space it created that solves the challenge of mobility. limited access to vehicle financing for millions of gigs. workers in the carpooling, logistics and instant delivery sectors, including around 4.5 million in the UK alone.
Mobility fintech’s alternative credit-scoring technology provides access to vehicle financing for gig-worker customers who may have previously been excluded from financial services.
Over the past two years, Moove has enabled sustainable job creation and a pathway to asset ownership, with customers having completed more than 9 million trips in Moove-funded vehicles.
London is the global leader in Uber’s electrification efforts, with more than 7,000 electric vehicles on the platform – the most of any Uber city.
Its operations in London will allow Uber to progress towards its goal of becoming an all-electric hub in the capital by 2025.
The mobility fintech estimates that the 10,000 electric vehicles it plans to fund by 2025 in London will contribute to a reduction of around 63,000 megatonnes of carbon dioxide emissions per year.
To enable this transition to electric vehicles in London, the mobility fintech has also launched Moove Charge, the first end-to-end charging experience and comprehensive electric vehicle charging network app specifically for ride-hailing drivers.
Moove Charge allows Moove customers to locate, control and pay for charging on one of the largest roaming networks in London, covering over 7,000 slow, fast and fast charging points, providing a better and more easy for drivers as well as passengers as it allows more electric cars on the road and reduced waiting times.
Ladi Delano, co-founder and co-CEO of Moove, said: “This funding comes at a really exciting time for Moove.
With our ongoing international expansion into the UK and India, we have already shown that affordable and accessible car finance for mobility entrepreneurs is a global challenge we are committed to solving at Moove.
We look forward to expanding our operations in the UK to enable drivers to switch to electric vehicles to drive the electrification of mobility forward.
Featured Image: Ladi Delano, Co-Founder/Co-CEO, Moove
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