Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in Europe, Middle-East and Africa region (EMEA), is announcing it has raised £15 million in debt financing.
The financing raised from Emso Asset Management would help the company scale up its UK operations with the aim of having 10,000 EVs on the roads by 2025. This follows a successful launch in August this year.
The launching in London comes with a 100% EV rent-to-buy model that provides mobility entrepreneurs access to brand-new, zero-emissions vehicles for a flat weekly fee. The new financing facility will also help the company become the largest EV partner on Uber’s platform in London.
According to the co-founder and CEO, Ladi Delano, the financing will enhance its goal of solving mobility challenges globally at a time it is scaling its operations in the UK and providing drivers with durable EV cars.
He said:
“This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global 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 electric vehicles to drive forward the electrification of mobility.”
Ladi Delano, Co-founder and CEO of Moove
The company provides affordable vehicle financing to mobility entrepreneurs, enabling them to access new electric vehicles with no upfront costs or deposits.
Related story: Moove expands ride-hailing fleet to India as part of partnership with Uber
What you should know about Moove
Moove was founded by Ladi Delano and Jide Odunsi in 2020 to democratise access to vehicle ownership. Having now scaled to nine markets across sub-Saharan Africa and India, the mobility fintech company is leading the charge in the mobility fintech sector.
The company launched in London recently with a 100% EV fleet to improve the driver experience and accelerate the electrification of mobility in cities, With its strategy, it has become the leading force in the space.
The company is actively helping to solve the challenges 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 is electrifying mobility at scale
The company’s alternative credit scoring technology provides access to vehicle financing to gig worker 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.
Additionally, London leads the world in Uber’s electrification initiatives, having more EVs available on the platform than any other city, with over 7,000. Uber will be able to move closer to its objective of having an all-electric platform in the city by 2025 thanks to Moove’s activities in London.
The company estimates that the 10,000 EVs it plans to finance by 2025 in London will contribute to a reduction of around 63,000 megatonnes of carbon dioxide emissions per year.
To enable this transition to EVs in London, the mobility company also launched Moove Charge, the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers.
The company’s Charge enables its customers to locate, control, and pay for charging across one of the largest roaming networks in London, covering over 7,000 slow, fast and rapid charge points, providing a better and easier experience for drivers as well as riders as it enables more electric cars to be on the road and reduced wait times.
Read also: Is the car financing model of Moove and Lag Ride killing the gig in cab-hailing for drivers?
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