Formerly known as the CDC Group, British International Investment (BII), the UK’s development finance institution and impact investor, has unveiled its commitment to a $20 million, 4-year structured loan investment in Moove, a fintech for mobility that democratizes access to vehicle ownership in Africa.
The announcement was made in Lagos during an event hosted by the British High Commission, bringing together, business leaders and BII’s investment partners from across the country.
“Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise,” said Nick O’Donohoe, CEO of BII. “In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry.”
Moove is described as a worldwide start-up with African roots and the first mobility fintech in the world, offering financial services and revenue-based car financing to mobility entrepreneurs.
Over 5 million trips have been taken by Moove customers in automobiles, financed by the company, which has raised more than $200 million to date and expanded to 13 markets on 3 continents.
The mobility fintech integrates its alternative credit scoring technology onto ride-hailing, e-logistics, and instant delivery platforms and uses proprietary performance and revenue analytics to underwrite car loans to empower those who are typically excluded from financial services.
The investment, BII says, demonstrates its commitment to raising capital to support Nigeria’s unbridled entrepreneurial ambition, expand access to inclusive economic opportunities, and strengthen market resilience.
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“We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs,” said Ladi Delano, co-founder and co-CEO at Moove.
“With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment,” Delano said.
The leadership of BII outlined the organization’s strategy for delivering productive, sustainable, inclusive investment and its commitment to deepening capital commitments to support the growth of more ground-breaking Nigerian companies offering progressive solutions to urgent and complex development challenges.
Since starting in 2020, Moove has increased its operations within Nigeria and entered additional African countries, such as Ghana, Kenya, Uganda, and South Africa, as well as those in the Middle East, Europe, and Asia.
Due to a lack of automobile supply and restrictive and rigid auto leasing products for ambitious drivers, mobility marketplaces like Uber now have trouble keeping up with expanding rider demand. Moove will be able to buy and import brand-new, fuel-efficient cars into Lagos with the help of the BII funding.
Over the course of three to four years, drivers will be able to lease these vehicles while earning their way toward asset ownership. As a result, one of the major obstacles to the construction of a “ride-hailing” transportation infrastructure in the commercial centre of Nigeria could be removed.
The company has been an employer of labour in the country directly and indirectly, saying there are over 1,000 employees within its workforce, more than 10,000 independent sales agents and over 350 third-party logistics (3PL) partners.
