Moove, a mobility-focused fintech and vehicle supply partner to ride-hailing company Uber, has announced that it has raised £15m in financing from investment and asset management firm Emso Asset Management to scale up its UK operations.
The company launched in London in August this year.
Its ethos focuses on a 100% electric vehicle (EV) rent-to-buy model, with the intention of providing access to new zero-emission vehicles for a flat weekly fee.
According to Moove, this financing round will support it to scale up to 10,000 vehicles by the end of 2025 and become the largest EV partner on Uber’s platform in London.
The fintech’s origins are in Nigeria, where it was first founded in 2020 to democratise access to vehicle ownership.
What’s more, Moove hopes to lead the charge in the ‘mobility fintech sector’ and to help address the challenge of limited access to vehicle financing for millions of gig workers across ride-hailing, logistics and instant delivery sectors.
It has what it describes as an alternative credit scoring technology, which was established to provide access to vehicle financing to customers who may have previously been excluded from financial services.
During the past two years, Moove has likewise attempted to support sustainable job creation and a path to asset ownership, with its customers reportedly completing more than nine million trips in Moove-financed vehicles so far.
Currently, London is the global leader for Uber’s electrification efforts, with more than 7,000 EVs available on the platform – the most of any Uber city.
Ladi Delano, co-founder and co-CEO at Moove, said: “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.”
To support this transition to EVs in London, Moove has likewise launched Moove Charge, which it claims is an end-to-end charging solution and complete EV charging network app specifically designed for ride-hailing drivers. The app was developed to let customers to locate, control and pay for charging across the network.
