Uber’s exclusive vehicle financing and vehicle supply partner in Sub-Saharan Africa, Moove, has received a $10 Million Investment from NBK Capital Partners Mezzanine Fund II with a bid to expand across key markets.
This innovative asset-backed venture debt marks the sixth investment from the Fund advised by NBK Capital Partners.
The growth facility from the Fund will support Moove’s expansion in West Africa initially. Moove is the first investment in Africa by NBK Capital Partners funds, underscoring the opportunity for a platform like Moove to address the continent’s vehicle financing gap.
Founded in 2019 by Ladi Delano and Jide Odunsi, Moove is an African mobility fintech that is democratizing vehicle ownership by providing revenue-based vehicle financing to mobility entrepreneurs across Africa. The two co-founders are British-born Nigerians, educated at the London School of Economics, Oxford University and MIT, who have successfully built three other businesses on the continent prior to founding Moove.
Regarding the partnership, Yaser Moustafa, the Chief Executive Officer of NBK Capittal partners, said that he is excited to partner with Moove on its journey to transform access to credit for millions of people across the continent.
“The company is driven by strong founders who possess a unique, long-term vision for success, one built on the empowerment of individuals from every socioeconomic class across the region but also a genuine commitment to social and environmental sustainability.”
“The company is driven by strong founders who possess a unique, long-term vision for success, one built on the empowerment of individuals from every socioeconomic class across the region but also a genuine commitment to social and environmental sustainability,” he said.
“NBK Capital Partners Mezzanine Fund’s’ financing comes at a fantastic time for our company and is intelligently structured for our use case,” said Ladi Delano, Co-Founder and Chief Executive Officer, Moove. “This investment brings our total funding raised to date to US$ 78 million and will fuel our continued growth trajectory as we expand our regional operations to empower more mobility entrepreneurs. We are grateful to be working with a firm that supports our vision to build the first mobility fintech for Africa markets, tackling the problem of lack of access to credit for millions.”