Moove raises £15 million financing facility from Emso Asset Management

Jide Odunsi and Ladi Delano, Co-founders of Moove

Moove, the mobility fintech and Uber’s largest vehicle supply partner in EMEA, has raised £15m in financing from Emso Asset Management to scale up its United Kingdom operations.

Moove launched in London in August with a 100% electric vehicle (EV) rent-to-buy model that provides access to brand-new, zero-emissions vehicles to mobility entrepreneurs for a flat weekly fee. The new financing facility will enable Moove to scale up to 10,000 vehicles by the end of 2025 and become the largest EV partner on Uber’s platform in London.

What is the market offering of Moove?

Founded by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove launched in Nigeria in 2020 to democratise access to vehicle ownership. Having now scaled to nine markets across the globe such as sub-Saharan Africa and India, Moove is leading the charge in the ‘mobility fintech sector’, which is solving the challenge of limited access to vehicle financing for millions of gig workers across ride-hailing, logistics, and instant delivery sectors.

Moove’s alternative credit scoring technology provides access to vehicle financing to customers who may have previously been excluded from financial services. Over the past two years, Moove has enabled sustainable job creation and a path to asset ownership with its customers having completed over 9 million trips in Moove-financed vehicles.

Why is London of strategic interest to Moove?

London is the global leader for Uber’s electrification efforts with over 7,000 EVs on the platform – the most of any Uber city. Moove’s London operations will enable Uber to progress towards its goal of becoming an all-electric platform in the capital by 2025.

To enable this transition to EVs, Moove also launched Moove Charge, the first end-to-end charge experience and complete EV charging network app for ride-hailing drivers, enabling clients to locate, control, and pay for charging across one of the largest roaming networks.

Ladi Delano, co-founder and co-CEO at Moove, said:“This financing comes at a really exciting time for Moove. With our global expansion underway in the UK and India, we’ve shown that affordable and accessible vehicle financing for mobility entrepreneurs is a challenge and one we’re committed to solving at Moove. We’re looking forward to scaling up our operations in the UK to enable drivers to transition to EVs to drive forward the electrification of mobility.”