Moove, Uber’s only vehicle financing and supply partner in Sub-Saharan Africa, has received a $10 million injection to help it democratize vehicle ownership and expand throughout the continent.
Moove is NBK Capital Partners’ first investment in Africa, highlighting the potential for a digital business to fill the continent’s automotive financing deficit. The fund advised by NBK Capital Partners has made its sixth investment in asset-backed venture debt.
Yaser Moustafa, Chief Executive Officer of NBK Capital Partners: “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 million-dollar investment will initially help the company expand across West Africa. Ladi Delano and Jide Odunsi, both British-born Nigerians, founded three different firms on the continent before creating Moove, a mobility fintech startup.
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