In an effort to increase production of its Series A2 and Series 23 products, OKAFO has raised a total of $105 million in Series A2 and Series B financing, according to an article by TechCrunch WordPresscooperengadget . In addition, the company has raised $10 million in Series D and $45 million in Series E financing.
Moove raises $105 million in series A2 financing
Moove is a fintech startup that enables drivers on Uber to purchase cars through a loan, with the rental fee deducted from their earnings. The company, which is headquartered in Amsterdam, has been growing rapidly in Africa. In August, the company signed up 12,900 pre-approved drivers and saw a 50 percent month-on-month increase in revenue.
The company also plans to launch more financial services products this year, including vehicle financing for other gig networks. Moove’s vehicles range from two-wheeled scooters to trucks and motorcycles. Its vehicles have completed more than three million rides across Africa.
Moove’s goal is to democratize vehicle ownership in Africa. With over a billion people in the continent, the availability of affordable vehicles is limited. A lack of credit penetration keeps most Africans from purchasing a car. Moove is pioneering the first revenue-based vehicle financing system in the region.
Moove’s most recent funding was a $105 million series A2 round, which included equity and debt funding from a diverse group of investors. Kreos Capital, Latitude, AfricInvest and Left Lane Capital participated in the deal.
Moove raises $23 million in series B financing
Moove is a Nigerian startup that provides vehicle financing to e-logistics, ride-hailing and other mobility entrepreneurs. It offers loans of up to 95% of the value of a new vehicle, with payment terms that can be flexible.
Moove uses an alternative credit scoring method to underwrite loans. This gives more women and small businesses access to financing. Currently, Moove has more than 4,000 customers and the company is expanding to seven new markets in six months. The company has also developed a new product line for fuel-efficient vehicles and climate change.
Moove’s approach is based on a model that has proven to be transformative for other industries. For example, Moove’s technology has helped more women to get access to flexible employment. In addition, it has increased gender equality in the automotive industry.
Moove is a new breed of mobility fintech. It embeds alternative credit scoring technologies into ride-hailing and other mobility platforms. Instead of relying on credit scores, it uses a new approach that is based on performance.
Moove raises $10 million in series D financing
Moove is a Nigeria-based startup that offers car financing to mobility entrepreneurs in sub-Saharan Africa. It uses alternative credit scoring technology to help customers qualify for a loan. The company is targeting countries with low access to credit.
Its founders are British-born Nigerians Ladi Delano and Jide Odunsi, both graduates of Oxford University. Before starting Moove, they founded three other businesses in the continent, including a financial services company.
Moove provides a revenue-based model for vehicle financing in low-credit markets. The startup is focused on expanding to more African countries. For now, it operates in six cities in four countries.
The startup will use the funds from the new round for expansion across the region. It has already launched in Lagos and plans to expand to more cities in the near future.
Moove’s funding comes from a variety of investors. This includes Left Lane Capital, Clocktower Technology Ventures, Speedinvest, Clocktower, LocalGlobe, and DCM.
The startup has raised a total of $87.2 million in equity and debt so far. Moove’s latest funding round comes just over six months after the startup’s Series A round, which raised $23 million.
Moove raises $45 million in series E financing
Moove is a mobility fintech company that offers a new way of financing cars, trucks and other vehicles. It uses alternative credit scoring technology to help mobility entrepreneurs secure their vehicles on loan. This innovative model has helped thousands of drivers secure new vehicles and create sustainable economic opportunities.
Moove is currently operating in seven African cities. The company also plans to expand into South Asia and the Middle East. By introducing alternative financing for ride-hailing drivers, Moove will disrupt traditional financial services in these regions.
The company is backed by some of the world’s leading investors. Its funding has been in excess of $250 million to date. Some of the backers include investment banks, private equity firms, and hedge funds.
The company has experienced significant growth over the past year. Last month, Moove had over 12,900 pre-approved sign-ups. That means its revenue has increased by 50%. Aside from its vehicle finance product, Moove has launched its first complete EV charging network app, Moove Charge. Users can easily locate a charger, filter by speed and charge type, and create a wallet.