Kene Okafor is the CEO of Moove Venturespereztechcrunch, a new company that is trying to get drivers access to a revenue-based vehicle financing model. The concept is to make it easier for them to buy new cars and even EVs rather than used ones. With Moove, drivers are now able to access vehicles through a simple application and payment process.
Moove’s trademark is getting drivers to access EVs instead of used ones
Moove is a car sharing company that claims to be able to democratize vehicle ownership in Africa. This is because the company offers a car financing solution that allows drivers in the ride-hailing industry to borrow up to 95% of the cost of purchasing a new vehicle. The company uses alternative credit scoring technology to underwrite its loans. Moove also sells new vehicles to drivers in five days or less. Its current fleet of financed vehicles has been credited with completing more than 850,000 Uber trips.
Moove started in 2019 and has offices in the Netherlands and Ghana. As of the end of January, it had 12,900 pre-approved sign-ups and had grown 60% month over month. The company is now planning to expand to other markets in the near future. They’re also working on a product line of fuel-efficient cars and hybrid vehicle fleets, and a new line of battery electric vehicles (BEVs) and solar-powered chargers to address climate change.
Moove says it can get drivers access to a shiny new electric vehicle (EV) if they can prove their eligibility. In a recent study, Moove was able to help three out of five ride-hailing drivers qualify for a loan. And Moove has a lot of bargaining power when it comes to OEM partners.
Moove’s trademark is getting drivers to access a revenue-based vehicle financing model
Moove, a fintech startup founded in Ghana, is changing the way Africans get access to new vehicles. It’s not only democratizing vehicle ownership, but it’s also targeting a subset of the driving population across Africa that it calls “mobility entrepreneurs.” These entrepreneurs include drivers in the car-hailing industry, as well as bus and taxi drivers. Moove is currently in Ghana and Lagos, but it plans to expand into other markets in the future.
Moove has raised $40 million in debt financing so far, and a Series A is coming soon. It hopes to expand its market share to at least 60% of electric vehicles on the road in the next few years. This will allow it to continue to diversify its products and services. In addition, it is planning to create a new product line for fuel-efficient cars and climate change. The company is also looking to add financing for other vehicle types. Moove’s goal is to provide financing to more than 50% female drivers.
Although Moove has a relatively modest number of signups (around 12,900), it has grown a whopping 60% month-to-month since last year. Moove is preparing to enter the Nigerian market, where it will compete with Autochek. Moove’s founders, Ladi Delano and Jide Odunsi, have been a part of several successful non-tech startups in Africa in the past decade, including FlexClub, a car sharing platform, and Andela, a ride-hailing service.