Nigeria’s Moove plans UAE expansion with latest $30 million raise

Moove, mobility fintech and Uber’s largest vehicle supply partner in Europe, the Middle East, and Africa has raised a $30 million investment fund through its first Sukuk issuance. This is barely a week after the mobility company was said to have laid off some of its staff.

The new investment round was led by Franklin Templeton Investments (ME) Ltd and in total, the mobility fintech startup has now raised over $230 million in funding.

Speaking on the importance of Moove’s services in the UAE and the issuance of the Sukuk, Mohieddine Kronfol, CIO of Global Sukuk and MENA Fixed Income, Franklin Templeton, said,

Franklin Templeton is pleased to lead this innovative Sukuk transaction that simultaneously complements our global sukuk and Sharia compliant private market strategies, while supporting the development of mobility and fintech ecosystems in the UAE initially, followed by more markets in the future.

This new investment is intended to help the company achieve its goal of creating and growing the largest EV ride-hailing fleet in the Middle East and North Africa region, beginning in the UAE. Moove intends to tap into the resources of Islamic investors with its Sukuk issuance and hopes to open up new opportunities for extra funding to support its expansion objectives.

Speaking of the Sukuk (Shari’ah compliant notes), its issuance has been privately placed and structured as a sukuk al- istisna, a Shari’ah compliant contract for the order to manufacture EVs.

Building on its achievements, this investment marks a turning point for Moove and is a sign of the robustness of its business model and future expansion.

Commenting on their expansion plans with the debut Sukuk issuance, Ladi Delano, co-founder and co-CEO of Moove said,

This financing is a milestone for Moove – our first Sukuk issuance which showcases our growth and sustainability as a global company. Equally important is that this furthers our mission to build the biggest EV ride-hailing fleet in the region, to drive forward mobility electrification and enable cities to reach their net-zero targets.”

Read Also: Moove raises £15m debt funding to scale up UK operations

Moove’s expansion plan

The mobility fintech, Moove has expanded to 13 markets across nine countries only this year alone. It is also one of the first mobility fintech startups that offer sustainable economic opportunities and democratizes access to car financing for gig workers who are mobile.

In August, it made its debut in London, Europe, using a 100% EV rent-to-buy approach. In order to contribute to the development of sustainable employment prospects in the emerging economy, the company also started in India. In its first year, it would roll out 5,000 CNG and EV vehicles across Mumbai, Hyderabad, and Bangalore.

It has also grown its customer base as over 11 million trips have been completed in Moove-financed vehicles since its launch. It has also provided more avenues with the help of its alternative credit scoring technology, customers who previously may not have been eligible for financial services now have access to auto finance.

With a primary focus on developing sustainable economic prospects, Moove intends to use this new funding to scale to 2,000 EVs in the UAE alone in the upcoming year. It also hopes to accelerate the electrification of mobility and improve the ride-hailing passenger experience in the area.

The startup also predicts that this EV expansion strategy will contribute to a reduction in yearly carbon dioxide emissions and assist cities like Dubai in achieving their ambitious Net Zero targets.

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Other future plans ahead

Expanding to the UAE is just one of the many goals Moove is looking to achieve. The mobility fintech is also planning on rolling out its EV charging app, Moove Charge. This service has already been launched in London.

The Moove Charge is the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers.

This app shows charge points that are compatible with the user’s vehicle, displays charge point availability in real-time, lets users filter by charge speed, starts and stops charging, and has payment functions.

In the MENA region, the business is looking to collaborate with partners along the value chain to ease this shift in areas with sparse charging infrastructure.