NBK Capital Partners Mezzanine Fund II recently announced that it closed a Ksh. 1.14 billion (USD 10 million) financing facility with Uber’s vehicle supply partner in Africa, Moove. The asset-backed venture financing marks the sixth investment from the Fund advised by NBK Capital Partners.

According to Moove’s executives, the growth facility from the Fund will support the company’s expansion in West Africa in the initial stages. Moove is the first investment in Africa by NBK Capital Partners funds, underscoring the opportunity for a fintech platforms like Moove to address the continent’s vehicle financing gap.

Moove was founded in 2019 by Ladi Delano and Jide Odunsi. The company is an African mobility fintech that is democratizing vehicle ownership by providing revenue-based vehicle financing to mobility entrepreneurs across Africa. The two co-founders are British-born Nigerians, educated at the London School of Economics, Oxford University and MIT, who have successfully built three other businesses on the continent prior to founding Moove.

Commenting on the financing, Yaser Moustafa, CEO of NBK Capital Partners said, “We are very excited to partner with Moove on its journey to transform access to credit for millions of people across the African continent. The company is driven by strong founders who possess a unique, long-term vision for success, one built on the empowerment of individuals from every socioeconomic class across the region but also a genuine commitment to social and environmental sustainability.”

On his part, Ladi Delano, Co-Founder and CEO of Moove said, “This investment brings our total funding raised to date to Ksh. 8.7 billion (USD 78 million) and will fuel our continued growth trajectory a we expand our regional operations to empower more mobility entrepreneurs. We are grateful to be working with a firm that supports our vision to build the first mobility fintech for Africa markets, tackling the problem of lack of access to credit for millions.”