Nigerian transport start-up wins $105m funding

A Nigerian start-up that helps taxi and delivery drivers buy cars says it is expanding to Europe, Asia and the Middle East after raising more than $100m (£77m) in funding.

Moove was founded in 2020 to provide loans to drivers who did not have bank accounts.

It operates in six African cities where ride-hailing apps have led to soaring customer demand for transport, but a lack of drivers with cars to provide the service.

In Africa, fewer than 5% of vehicles are bought through financing schemes, a far lower proportion than elsewhere in the world.

Today, we’re thrilled to announce that we have raised $105 million in an oversubscribed Series A2 round, which will play a key role in driving our global expansion.#LetsKeepMoovin #mobility #fintech #africa pic.twitter.com/algUOo4I78

— Moove (@Mooveafrica) March 14, 2022