Following a successful launch in August, Moove, a mobility fintech company and Uber’s largest car supply partner in EMEA, has given the company £15 million so it can expand its UK operations.
In August, Moove made its debut in London with a 100% electric car rent-to-buy model. This model gives mobility entrepreneurs the opportunity to gain access to brand-new, zero-emissions vehicles for a set charge per week. Moove will be able to scale up to 10,000 vehicles by the end of 2025 thanks to the new financing arrangement, which will allow them to become the largest electric vehicle partner on Uber’s platform in London.
Moove is leading the charge in the “mobility fintech sector,” a white space that it created and which is solving the problem of limited access to vehicle financing for millions of gig workers in the ride-hailing, logistics, and instant delivery sectors. There are approximately 4.5 million gig workers in the United Kingdom alone.
Read also: Moove Secures $105 Million To Expand Its Auto Lending Offerings
Moove will allow barred users to regain access
Customers who were previously barred from financial services may now have access to auto financing thanks to the alternative credit scoring system offered by Moove. In the past two years, Moove’s clients have taken more than 9 million trips in vehicles paid for by Moove. This has led to the creation of stable jobs and a path to asset ownership.
With almost 7,000 electric vehicles (EVs) on the platform, London has the most of any Uber city, making it the global leader in the company’s electrification efforts. With the help of Moove’s operations in London, Uber will be able to move closer to achieving its aim of becoming an all-electric platform in the city by the year 2025. According to Moove’s estimates, the 10,000 electric vehicles (EVs) it plans to fund in London by 2025 will reduce carbon dioxide emissions by about 63,000 megatons per year.
Moove launches new end-to-end charge experience
Moove also introduced Moove Charge, the first end-to-end charge experience and complete EV charging network app designed particularly for ride-hailing drivers, in order to facilitate the transition to electric vehicles in London. Moove Charge enables Moove customers to locate, control, and pay for charging across one of the largest roaming networks in London, covering over 7,000 slow, fast, and rapid charge points. This results in a better and easier experience for drivers as well as riders because it enables more electric cars to be on the road and reduces wait times.
The co-founder and co-chief executive officer of Moove, Ladi Delano, stated, “This financing comes at a really exciting time for Moove.” With our international expansion underway in the UK and India, we’ve already demonstrated that providing mobility entrepreneurs with inexpensive and accessible vehicle financing is a global concern and one that Moove is committed to resolving. We are looking forward to expanding our activities in the United Kingdom to make it easier for drivers to switch to electric vehicles, which will help move the electrification of mobility one step closer to reality.
About Moove
Moove was established in 2020 by businesspeople Ladi Delano and Jide Odunsi with the intention of democratizing access to automobile ownership. The company’s initial launch took place in Lagos, Nigeria. Having now scaled to nine markets across sub-Saharan Africa and India.