Mobility fintech startup Moove has received $30 million in funding to scale its operations. The new round of funding will facilitate the company’s expansion to the UAE as it prepares to introduce its electric vehicle (EV) charging app Moove Charge.
This is the company’s first sukuk (sharia compliant) funding and will allow Moove to tap into the wealth of Islamic investors.
Ladi Delano, co-founder and co-CEO of Moove, said, “This financing is a milestone for Moove – our first sukuk issuance which showcases our growth and sustainability as a global company. Equally important is that this furthers our mission to build the biggest EV ride-hailing fleet in the region, to drive forward mobility electrification and enable cities to reach their net-zero targets.”
Moove will use the funds to scale to 2,000 EVs in the UAE over the coming year, creating sustainable economic opportunities, while accelerating the electrification of mobility and enhancing the ride-hailing passenger experience. Moove estimates that this fleet of EVs will contribute to a reduction of over 5,000 metric tonnes of carbon dioxide emissions per year to help cities like Dubai meet ambitious Net Zero targets.
The company recently raised £15 million in financing to scale up its UK operations. The company also raised $105 million in March in a round was led by existing investors, Speedinvest, Left Lane Capital and thelatest.ventures, with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.
Launched in 2020 by Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership across Africa by providing mobility entrepreneurs access to revenue-based financing in markets with low access to credit. Using its alternative credit scoring technology, Moove provides vehicle financing to its customers to purchase brand new vehicles using a percentage of their weekly revenue.