Mobility fintech Moove raises £15 million financing facility

• By 2025, Moove aims to have 10,000 EVs on the roads to enable drivers to transition to electric vehicles.
• The mobility fintech raised £15 million in debt financing from Emso Asset Management.
• Moove recently launched in London with a 100% EV fleet to improve the driver experience and accelerate the electrification of mobility in cities.

Moove has raised £15 million in financing from Emso Asset Management to scale up its UK operations following a successful launch in August.

The mobility fintech launched in London in August 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 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.

Founded by entrepreneurs Ladi Delano and Jide Odunsi, Moove launched in Lagos, Nigeria in 2020 to democratise access to vehicle ownership. Having now scaled to nine markets across sub-Saharan Africa and India, Moove is leading the charge in the ‘mobility fintech sector’, a white space it created and which is solving 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.

Ladi Delano, co-founder and co-CEO at Moove, 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.”

London is the global leader in 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. Moove 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, Moove also launched Moove Charge, the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers. Moove Charge enables Moove 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.