Moove raises US$23 million Series A funding round

Moove, a fintech focused on serving the mobility sector in Africa, announced that it has completed a Series A funding round. At the end of the round, the firm raised US$23 million. 

The funding round was led by Speedinvest and Left Lane Capital. Other corporate investors that participated in the round include Class 5 Global, Clocktower Technology Ventures, DCM, FJ Labs, KAAF Investments, LocalGlobe, Palm Drive Capital, Roka Works, Spartech Ventures, Tekton, thelatest.ventures.

Other individual investors include co-founder of Lendable, Victoria van Lennep, Africa specialist Verod Kepple Africa Ventures, and Emso Asset Management, one of Moove’s existing backers.

This latest round brings the total funding raised by Moove to US$68.2 million, including US$28.2 million in equity and US$40.0 million in debt. 

Moove currently has an exclusive deal with Uber for all of the company’s vehicle financing and supply operations in sub-Saharan Africa. Vehicles financed by Moove have completed more than 850,000 Uber trips as of today.

Situated in Africa, a region where over a billion people with little or no access to vehicle financing, Moove will deploy the funds towards building a full-service mobility fintech that can facilitate equal access to vehicle ownership on the continent.