Moove is one of those mobility platforms with a highly unique take on the vehicle and logistics market – and that has seen them net another $23 million in Series A funding to expand their services even better.
The start-up has its own credit analysis and financing system with which it uses to determine what car loans certain individuals are qualified for. Once a user chose to buy their vehicle via Moove, the start-up finances up to 95% of the purchase within a week of buying the car.
The loan repayments, which can be spread over 24 – 48 months, is designed such that the buyers can use a percentage of their weekly revenue to cover the loans. Thus, the platform keys into mobility services like Uber to allow users work off their car loans over an extended period while also earning on it.
As of the time of this writing, Moove has established itself as the preferred supplier of Uber vehicles in the Sub-Saharan Africa. Founded by two Britain-born Nigerians who have started a handful of other successful businesses in the past, this new funding will help the platform to increase its services and offerings even better.
According to the founders, this new funding will help to move into other African market, democratising vehicle ownership and improving mobility across the continent at the same time.