Mobility Fintech firm, Moove has secured a £15 million debt from Emso Asset Management.
The funds are expected to scale up its operations in the UK.
Commenting on the development, the firm’s co-founder and co-CEO Ladi Delano said that the funds would enable the firm in its plan to transition to electric cars in the UK.
“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,” he stated.
Moove intends to increase access to its EV rent-to-buy model that targets the provision of 10,000 zero-emissions vehicles by 2025.
After operating for two years in African markets like Nigeria and Ghana,
Having operated in African markets for two years, Moove set up operations in the Middle East and North Africa after collaborating with SWVL, an Egyptian ride-hailing company.
The firm intends to provide revenue-based vehicle financing and financial services to mobility entrepreneurs across ride-hailing, logistics, mass transit, and instant delivery platforms.