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In August, Moove launched its operations in London with a 100% electric vehicles (EV) rent-to-buy model, offering mobility entrepreneurs access to brand-new, zero-emissions vehicles for a flat weekly fee. The new financial raise will be used by Moove to scale its operations by acquiring up to 10,000 vehicles before the end of 2025, becoming the largest EV partner in London. Despite the tumultuous year experienced across the world, Moove has proven to be one the strongest startups in the ecosystem that is staying afloat and successfully navigating through. In this year alone, the startup has made a total of four financial raise announcements, all of which have culminated in $150 million in equity and debt.
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Moove also secured the sum of $10 million in venture debt from NBK Capital Partners Mezzanine Fund II in February 2022. In March of 2022, the mobility tech startup also disclosed that it had raised another funding worth $105 million in a Series A2 oversubscribed round consisting of equity and debt led by Speedinvest, Relentlessly, Moove also amassed another $20 million in financing from the UK government’s development finance institution, British International Investment (BII) (formerly known as CDC Group).
Briefly On MooveMoove was launched in Lagos, Nigeria in 2020 by Ladi Delano and Jide Odunsi to democratize access to vehicle ownership.
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Moove has been described as the leading startup in the mobility fintech industry, having scaled nine markets in Sub-Saharan Africa and India. Moove was created to solve the challenge of limited access to vehicle financing for millions of gig workers across ride-hailing, logistics, and instant delivery sectors, of which there are around 4.5 million in the UK alone. Moove’s alternative credit scoring technology provides access to vehicle financing to gig worker customers who may have recently been excluded from financial services. Featured Image Source: Businessamlive
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