E-Business
Moove Raises $23M Series A Funding to Democratize Vehicle Ownership in Africa
Moove, an African mobility fintech, has announced that it has raised $23 million in Series A funding. The round was led by Speedinvest and Left Lane Capital, with participation from DCM, Clocktower Technology Ventures, thelatest.ventures, LocalGlobe, Tekton, FJ Labs, Palm Drive Capital, Kora Capital, KAAF Investments, Class 5 Global, and Victoria van Lennep, co-founder of Lendable.
Africa specialist, Verod Kepple Africa Ventures, and one of Moove’s existing lenders, Emso Asset Management, also joined the round. This brings Moove’s total funding to $68.2 million, including $28.2M in equity and $40.0M in debt.
Moove is the first investment in Africa for many of its U.S. VC backers, underscoring the opportunity for a platform like Moove to address the continent’s vehicle financing gap.
Operating on a continent with more than a billion people who have limited or no access to vehicle financing – and the lowest per capita vehicle ownership in the world – Moove will use the funding round to build a full-service mobility fintech that democratizes vehicle ownership across Africa.
The market opportunity is vast – Africa is home to 1.3 billion people, with 43 per cent 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 embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, which allows access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans. Moove’s model is to provide loans to its customers by selling them new vehicles and financing up to 95 per cent of the purchase within five days of sign up.
Moove customers can choose to pay back their loans over 24, 36, or 48 months, using a percentage of their weekly revenue. All Moove customers sign up to the Moove app to manage all transactions and access other financial products on the platform.
Co-founders Ladi Delano and Jide Odunsi are British-born Nigerians, educated at the London School of Economics, Oxford University and MIT, who have successfully built three other businesses in Africa over the last eight years through their venture studio, Grace Lake Partners.
Ladi is a serial entrepreneur and Jide is a former investment banker at Goldman Sachs and former management consultant at McKinsey. Driven by a common passion to create shared value leveraging their extensive operating experience on the continent, they set out to build Moove to provide Africans with a path to new vehicle ownership while creating new jobs.
“Since commencing operations in Lagos in June 2020, our customers have completed over 700,000 Uber trips in Moove financed vehicles, spanning more than 10.6 million kilometres” said Chisome Anoke, Nigeria country manager for Moove.
“This round of funding will enable us to extend our footprint to more states in Nigeria and to continue serving our customers to meet the evolving needs in urban mobility. Our vision for the future also includes a commitment to reduce our carbon footprint and to increase gender equality within the industry.
“In doing so, we will be able to create more job opportunities, both within Moove and for our entrepreneurial customer base.”
Moove is Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa, with Moove-financed cars having completed more than 850,000 Uber trips covering over 13 million kilometers across the continent to date.
The start-up was initially bootstrapped by its co-founders with seed stage funding from Future Africa, an Africa focused fund led by Iyin Aboyeji, who was a founder at Andela and Flutterwave.
The new Series A funding will allow Moove to grow and expand into new markets as well as develop and launch new products and services. The equity raise follows a year of momentum and success for Moove with the launch of three cities and 60% month-on-month growth so far.
“With Ladi and Jide at the helm of a world-class team, and their unique approach to vehicle financing, Moove has quickly established itself as one of the most exciting tech companies in Africa,” said Stefan Klestil, General Partner at Speedinvest.
“The company’s expansion to three cities in under 12 months demonstrates the huge demand for vehicle financing in Africa, where just five per cent of new cars are purchased with financing, compared to 92 per cent in Europe.”
“Moove’s technology is fundamentally changing access to mobility and empowering thousands to earn a new source of income,” said Dan Ahrens, Managing Partner at Left Lane Capital. “As we look ahead, the potential for that technology and the Moove team to expand even further is very exciting. They have the opportunity to become a full-service mobility fintech and expand their offerings to insurance and other financial services.”
Moove is a mission-led company that’s committed to giving 100 per cent of mobility entrepreneurs access to affordable credit and ensuring that 50 per cent of its customers are women. It also aims to ensure that at least 60 per cent of the vehicles it finances are electric or hybrid vehicles as part of its commitment to improving road safety and vehicle emissions on Africa’s roads.
National Identity Management Commission (NIMC) has kicked off a three-day training program for 388 personnel aimed at enhancing the National Identification Number (NIN) enrolment process across the country.
The training, tagged “Refresher Training of Trainers on NIN Integration to the National Social Register: Technical and hands-on devices and field operations and procedures”, is in collaboration with the National Social Safety-Net Coordinating Office.
The training is also to equip personnel with the necessary skills to efficiently handle the complexities of enrolment processes
In her address at the event held in Port Harcourt on Monday, Abisoye Coker-Odusote, director-general and chief executive officer, NIMC, noted that the initiative aligns with the commission’s overarching goal of achieving secured and great success for the Renewed Hope social initiatives.
Represented by Adedapo Adedoyin, her technical advisor on ICT, the NIMC DG said the event is a pivotal initiative that marks a significant step forward in our mission to enhance and modernize the National Identification Number enrolment process across Nigeria.
She stated, “Today, I am pleased to announce the launch of a comprehensive training program aimed at refreshing the technical and operational skills of the National Social Safety-Net Coordinating Office State Operations Coordinating Unit and NIMC staff.
“This initiative focuses on practical and field-based exercises, ensuring that our teams are well-equipped to handle the complexities of enrolment processes with precision and efficiency.
“This initiative aligns with our overarching goal of achieving secured and great success for the Renewed Hope social initiatives. Through verified digital identification, we aim to improve the lives of Nigerians by providing them with access to essential services and opportunities that require a reliable and secure identity verification system”.
Coker-Odusote explained that the training program will be conducted in two batches, encompassing four states: Kwara, Nasarawa, Kano, and Rivers. A total of 388 attendees will participate in this initiative, including 225 NASSCO State Operations Coordinating Unit representatives, 35 NIMC facilitators, and 128 State support staff.
She added, “The sessions are meticulously designed to foster knowledge sharing and hands-on experience with NIMC’s enrolment device and software, ensuring that our personnel are adept at using these tools to their full potential.
“By empowering our teams with enhanced skills and practical experience, we are setting the stage for more efficient and accurate NIN enrolment processes across the nation”.
Coker-Odusote further said the training program “is a crucial step toward achieving the World Bank’s Identification for Development Initiative target of enrolling 180 million Nigerians with secure digital IDs.
“By bolstering our technical and operational capabilities, we are ensuring that NIMC is well-positioned to meet and exceed this target, thereby contributing to the global vision of inclusive and accessible digital identification for all”.
The NIMC boss8 called for collaboration between all stakeholders saying, “As we embark on this journey, I urge all participants to embrace this opportunity for growth and development.
“Together, we can build a robust and efficient National Identification System that will serve as the cornerstone for Nigeria’s social and economic progress.”
Kaspersky experts have uncovered a new phishing scam targeting businesses that promote their pages on Facebook. Scammers send emails allegedly on behalf of Meta for Business – Facebook’s platform for businesses – claiming the recipient’s page contains prohibited content.
The email suggests users provide explanations in order for their account and page to be unblocked. The goal of the attackers is likely to get access to users’ business accounts.
Kaspersky’s anonymised data shows that such emails started reaching users on 14 December 2024, with complaints coming from organisations all over the world, including the Middle East, Turkiye and Africa.
By examining the “From” field in the email it can be seen that the domain does not belong to Facebook. According to Kaspersky data the emails that this campaign used were sent from different domains.
The link in the email redirects users to Facebook Messenger. On Messenger, the account posing as Facebook’s support team appears legitimate, creating a false sense of trust.
There is an indication that this is a fan page, but it is easy to miss in a situation of high stress after being accused of spreading illegitimate content.
This scheme stands out for its sophistication. Unlike earlier scams that accused users of copyright violations and directed them to respond via email, this approach simulates internal communication on the Facebook platform itself.
“In 2025, we anticipate a rise in attacks leveraging social engineering and user trust in major platforms. Scams like this are becoming more sophisticated as attackers strive to mimic official services closely.
“Users must remain vigilant, verify the authenticity of messages, and avoid clicking on suspicious links. We strongly advise users not to engage with suspicious accounts and to activate additional security measures, such as two-factor authentication.
“If you receive such an email, report the incident to Facebook’s support team and update your passwords immediately if any information has been compromised,” comments Andrey Kovtun, Email Threats Protection Group Manager at Kaspersky.
Lagos State government and the Nigerian Postal Service (NIPOST) are joining forces to revolutionise e-commerce logistics in Nigeria’s economic capital.
The collaboration aims to enhance last-mile delivery and optimise connectivity within Lagos and beyond.
During a courtesy visit to governor Babajide Sanwo-Olu, Ms. Tola Odeyemi, postmaster-general and CEO of NIPOST, highlighted the strategic importance of Lagos in driving innovation in the e-commerce sector.
“As the e-commerce landscape continues to evolve, Lagos leads the charge in this growth. Through enhanced postal and logistics services, we seek to empower small businesses and individuals engaging in this expanding sector,” Odeyemi said.
She underscored her commitment to fostering partnerships that would align NIPOST with the demands of a modern economy, identifying Lagos as a pivotal partner.
Lagos is central to achieving our vision of efficient and future-ready postal services, she added.
Odeyemi applauded Lagos state for its vibrant programmes that drew global attention during the December festivities, stating that such initiatives could drive further economic growth and diaspora engagement.
She pledged enhanced postal and logistics support to drive e-commerce growth and empower small businesses in Nigeria., highlighting NIPOST’s readiness to collaborate with Lagos State to enhance last-mile delivery, foster innovation, and improve public service delivery.
Lagos, as Nigeria’s economic hub, is a critical partner in our vision to make NIPOST’s services more efficient and relevant in today’s world, Odeyemi stated.
She commended Lagos State for its strides in infrastructure and governance, underscoring the importance of strategic partnerships to optimize connectivity within Lagos and nationwide.
Governor Sanwo-Olu challenged NIPOST to rethink its approach and embrace technology as a transformative tool for business facilitation.
“For NIPOST to remain relevant, you must challenge the status quo, revamp your services, and adopt innovative strategies that address today’s needs and anticipate future demands,” the governor advised.
He also pledged Lagos state’s support in upgrading NIPOST’s infrastructure to improve service delivery and create an enabling environment for seamless e-commerce operations.
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