back Back

Moove raises £15m; aims to finance 10,000 EVs in London

By Gloria Methri

October 19, 2022

  • Auto Financing
  • Debt Funding
  • Digital Lending

Moove, Mobility FintechMobility FinTech Moove has raised £15 million in debt funding from Emso Asset Management to expand its UK operations. The start-up, which was founded in 2020, provides auto financing to Uber drivers in the EMEA region.

In August this year, Moove launched in London with a 100% EV rent-to-buy model that provides access to new zero-emissions vehicles to mobility entrepreneurs for a flat weekly fee.

This latest tranche of funding comes from London-based Emso Asset Management, following a round of $105 million in VC funding earlier this year.

With the new financing facility, Moove aims to have 10,000 electric vehicles on the UK roads by the end of 2025. The company estimates that the EVs will help reduce around 63,000 megatonnes of carbon dioxide emissions per year.

Ladi Delano, co-founder and co-CEO at Moove, said, “This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we have already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we are committed to solving at Moove. We are looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.”

Moove was founded by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi as a means to finance ride-hailing drivers that need their own vehicles to work but may be shut off from traditional auto loans. The start-up provides loans to drivers and collects on the loans with interest based on a driver’s rate of revenue.

Previous Article

October 19, 2022

6 FinTech start-ups altering the finance sector in France

Read More
Next Article

October 20, 2022

Visa partners with Thunes to expand Visa Direct’s reach to 1.5b digital wallets

Read More

IBSi Daily News Analysis

South East Asia

February 28, 2024

Auto Financing

FinTech penetration in Southeast Asia will double by 2027, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 29, 2024

Barclays to sell $1.1b worth US credit card debt to Blackstone

Read More

February 29, 2024

5 FinTech platforms offering SME Loans in Australia

Read More

February 29, 2024

SC Ventures launches digital marketplace for MSMEs in Ghana

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023