Launched in Lagos, Nigeria, Moove has secured £15m funding from Emso Asset Management to expand its UK operations following a successful launch in August.
The mobility fintech launched a 100% electric vehicle hire and purchase model in London in August, giving mobility entrepreneurs access to new, zero-emission vehicles for a flat weekly fee.
The new financing line will allow Moove to scale to 10,000 vehicles by the end of 2025 and become the largest EV partner on Uber’s London platform.
Founded by entrepreneurs Ladi Delano and Jide Odunsi, Moove was launched in Lagos, Nigeria in 2020 to democratize access to vehicle ownership.
Moove has now expanded into nine markets in Sub-Saharan Africa and India and leads the “mobility fintech sector”, a white space it created that is challenging limited access to vehicle finance for millions of temporary workers across the globe.
Europe tackles the carpooling, logistics and instant delivery sectors, of which there are around 4.5 million in the UK alone.
Ladi Delano, co-founder and co-CEO of Moove said, “This funding comes at a really exciting time for Moove. With our continued international expansion in the UK and India, we have already demonstrated that affordable and affordable vehicle financing for mobility entrepreneurs is a global challenge that we at Moove are committed to solving. We look forward to expanding our UK operations to enable drivers to switch to electric vehicles and drive the electrification of mobility.”
London is leading the world in Uber’s electrification efforts with more than 7,000 electric vehicles on the platform – more than any Uber city.
Moove’s activities in London will allow Uber to move closer to its goal of becoming an all-electric platform in the capital by 2025.
Moove estimates that the 10,000 EVs to be financed in London by 2025 will help reduce around 63,000 megatons of carbon emissions per year.
To ease this electric vehicle transition in London, Moove has also launched Moove Charge, the first end-to-end charging experience and a full-featured electric vehicle charging network app dedicated to ride-sharing.