Moove, the fintech start-up providing car finance to the drivers of the gig economy, has raised an additional £15m in debt funding to fuel its UK operations.
The start-up, which was founded in 2020, provides car financing for Uber drivers and launched in the UK market in August after initial operations in several African countries and India.
This last tranche of financing comes in the form of debt from Emso Asset Management, a London company. It follows a $105 million round of venture capital funding earlier this year.
Moove was founded by Nigerian entrepreneurs Ladi Delano and Jide Odunsi with the aim of funding workers in the gig economy, namely carpool drivers, who need their own vehicle to work, but who may be deprived traditional car loans.
The start-up provides loans to drivers and collects interest on the loans based on the driver’s income rate.
In August, it launched in the UK with a rent-to-own model for vehicles with drivers paying a weekly fee. It works through a partnership with Uber as well as a commitment to fund electric vehicles. According to the start-up, it aims to have 10,000 electric vehicles on UK roads by 2025.
The start-up has also rolled out a new app allowing UK drivers to find and pay at charging stations.
Delano said the additional funding from Emso will be used to strengthen Moove’s fledgling position in the UK.
“This funding comes at a really exciting time for Moove. With our ongoing international expansion into the UK and India, we have already shown that affordable and accessible vehicle finance for mobility entrepreneurs is a global challenge and that we are committed to resolving at Moove,” Delano said.
Moove launched operations in 2020 in several sub-Saharan African countries in markets where Uber drivers have faced barriers to accessing traditional financial services, such as car loans.
In a previous interview, Delano said the startup is expanding into more types of vehicles, including trucks.