The financing facility will enable Moove to democratize vehicle ownership in Africa and  expand across key markets 

Moove is Uber’s exclusive vehicle financing and vehicle supply partner in Sub-Saharan  Africa 

NBK Capital Partners Mezzanine Fund II (the “Fund”) announced today that it closed a US$ 10 million financing facility with Uber’s exclusive  vehicle supply partner in Africa, the mobility fintech Moove. The innovative asset-backed  venture debt marks the sixth investment from the Fund advised by NBK Capital Partners.  

The growth facility from the Fund will support Moove’s expansion in West Africa initially,  executives said. Moove is the first investment in Africa by NBK Capital Partners funds,  underscoring the opportunity for a platform like Moove to address the continent’s vehicle  financing gap.  

Founded in 2019 by Ladi Delano and Jide Odunsi, Moove 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. 

The market opportunity is vast – Africa is home to 1.3 billion people, with 43 percent in urban areas and growing, and in 2019 had fewer than 900,000 total new vehicle sales  compared to 17 million in the U.S. Moove provides vehicle financing for cars, bikes and lorries to mobility entrepreneurs across the continent through its alternative credit scoring  technology and innovative revenue-based financing model and is Uber's exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa. The company currently operates in six cities across Ghana, Nigeria, South Africa, and Kenya, with plans to  expand further across the continent.  

“We are very excited to partner with Moove on its journey to transform access to credit for  millions of people across the African continent,” said Yaser Moustafa, Chief Executive  Officer of NBK Capital Partners. “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.” 

NBK Capital Partners Mezzanine Funds' financing comes at a fantastic time for our  company and is intelligently structured for our use case,” said Ladi Delano, Co-Founder  and Chief Executive Officer, Moove. “This investment brings our total funding raised to  date to US$ 78 million and will fuel our continued growth trajectory as 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.” 

Jide Odunsi, Co-Founder and Chief Executive Officer, Moove, commented:

“Using our  alternative credit-scoring technology and revenue-based model, Moove is empowering  more women to access financing and become mobility entrepreneurs. We’re committed to  ensuring that at least 50 percent of our customers are female, providing them with the tools,  services, and flexibility they need to be productive and successful, when previously they  have been excluded from more formal means of employment.” 

Executives added, through year-end December 2021, more than 2 million trips have been  made in Moove-financed vehicles since it launched operations in 2020.  

Sikander Ahmed, Managing Director and Head of Private Credit at NBK Capital  Partners said:

“We are proud to support Moove’s management at such a vital time in the  company’s expansion. We believe our flexible financing solutions are the reason why an