Moove, a mobility fintech, has announced its launch in London with a 100% electric vehicle (EV) rent-to-buy model, which offers customers access to new zero-emission vehicles for a weekly fee.
The company has ambitions to become ride hailing service Uber’s largest London partner, with plans to deploy up to 10,000 vehicles by the end of 2025.
Uber’s London fleet has over 6,000 EVs, the most of any city it operates in. The company hopes to become an all-electric operator by 2025.
Moove claims its ‘alternative credit scoring technology’ helps customers receive vehicle financing and is especially designed to help gig workers.
It says its customers have completed more than seven million trips in vehicles that is has financed and that its sign-up process features no credit checks, upfront costs, or upfront deposits.
Other parts of its service include maintenance, MOT, vehicle insurance, health insurance and customer services team.
To help finance the switch to electric, Moove also announced that customers driving with Uber can reduce their weekly fees through funds raised via Uber’s Clean Air Plan, which has reportedly raised more than £145m since its launch.
Ladi Delano, co-founder and co-CEO at Moove, said: “We are proud to have built a business in Africa to now be able to scale our model here in Europe, which is something that no other African fintech company has done before.
“This also marks a milestone of firsts for us; as we are excited to be launching with our first 100% EV fleet.
“We are thrilled to be expanding our partnership with Uber to drive our commitments towards the electrification of mobility.”
Moove estimates that the 10,000 EVs it hopes to finance by 2025 will support a reduction of about 63,000 megatonnes of carbon dioxide emissions in the capital per year.
