Moove, an African mobility fintech, has partnered with Lori Systems, an e-logistics company in Africa. The partnership marks Moove’s first move into the logistics industry, building on rapid growth over the last 15 months in car financing.
Moove’s partnership with Lori Systems’ will focus on delivering access to affordable vehicle financing within Africa’s trucking and logistics industry where penetration for truck financing is lower than 1%. Both companies aim to increase the capacity of transporters to match demand across East and West Africa.
Loans will be allocated to a pool of highly rated and vetted transporters on Lori Systems’ platform, allowing them to expand their fleet, as well as through a drive-to-own program for all truck drivers. With up to 100% of the purchase price underwritten by Moove, customers will be able to pay back the loans over 48 or 60 months using a percentage of their weekly revenue.
Commenting on the partnership Ladi Delano, Co-Founder and CEO of Moove said, “We knew from the get-go that our mission to democratize vehicle ownership would take us beyond cars. We’re thrilled to be partnering with Lori Systems to empower truck drivers in Africa, and are excited about the positive impact our revenue-based financing solutions will have on their lives. Lori’s efforts to leverage data-driven and tech-enabled solutions have recorded significant progress in driving further efficiency in the African logistics industry; this has been impressive and very much aligns with our mission.”
Moove recently reached the milestone of 1 million Uber trips in Moove-financed vehicles with over 16 million kilometres travelled in Lagos, Accra, Johannesburg and Cape Town. Backed by leading VCs including Speedinvest and Left Lane Capital as well as global institutions such as the International Finance Corporation, Moove has raised a total of Ksh. 7.6 billion (USD 68.2 million) in funding to date.