Auto finance company, Moove expands to Cape Town after $ 23 million raise

As part of its growth plan across Africa, the mobility finance company, To move announced its launch in Cape Town. The city is the fourth location where the company has launched operations in 15 months of operation.

This deployment in Cape Town follows Moove’s recent $ 23 million Series A increase and builds on existing operations in Johannesburg, Lagos and Accra. Co-founded in 2019 by serial entrepreneurs Ladi Delano and Jide Odunsi, the startup is driven by the goal of democratizing vehicle ownership across Africa.

To move integrates its alternative credit scoring technology into carpooling and electronic logistics platforms. As Uber’s exclusive partner for financing and supplying vehicles in sub-Saharan Africa, reaching one million trips comes at a time when Moove is seeing a significant increase in registrations.

Its credit scoring technology – integrated with carpooling and electronic logistics platforms – provides access to exclusive analyzes of the performance and income of mobility entrepreneurs (Uber drivers) to take out loans.

The auto finance company provides loans to its customers by selling them new vehicles and financing up to 95% of the purchase within five days of enrollment. Clients can choose to repay their loans over 24, 36, or 48 months, using a percentage of their weekly income.

“With consistent monthly growth of 60% since our launch in Lagos in mid-2020, I am proud of our team who brought us to four markets in just 15 months,” said Ladi Delano, co-founder and CEO.

Co-founders: Jide Odunsi and Ladi Delano…

To date, the company said it has registered more than 14,700 listings across the continent.

According to the company, plans are underway to establish a presence in more locations over the coming months. He says the choice of South Africa’s second-largest city reflects a population approaching 60 million people, 67% of whom live in urban areas.

“We’ve only been operating in South Africa for four months, but it’s a great market with huge demand for our product,” said Sinako Cetyiwe, Country Manager South Africa for Moove.

“The next phase for Cape Town and the rest of the country is to increase our enrollments, income and travel so that we can enable more South Africans to become mobility entrepreneurs and make a living in new, safe vehicles. . “

Sinako Cetyiwe, Country Manager South Africa, Moove

According to a company statement, the move coincides with the announcement of 5 new hires of C-suites for its global operations, as well as to celebrate a milestone of one million Uber trips made by cars funded by Moove.

Caroline Hazlehurst joins as President of Operations, Ammar Naqvi as Chief Technology Officer, Youssef Ouyhya as Chief Data Officer, Tuvia Rosenthal as Chief Product Officer and Quinten Indarjith as Chief Fleet Officer. New executives have collective experience at Amazon, Bird, Careem, Facebook, Google and Toyota.

Auto finance company, Moove expands to Cape Town after $ 23 million raise

“We are very excited about the new members of our team, who, alongside our existing Moovers, will no doubt continue to help us attract more diverse talent as we seek to create a vibrant, fun and dynamic workplace. gratifying, ”said Delano.

They will work alongside the existing senior management made up of Tayo Oyegunle, Africa operations director, Tingting Peng, capital and ESG partnerships manager, Andries Hugo, Africa finance manager and Oyinade Osobajo, Africa marketing manager.

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