Just a month after its US debut, Nigeria’s Moove, a startup financing vehicles for ride-hailing drivers—has officially expanded into Mexico.
The startup which operates by plugging its special credit scoring system into ride-hailing and delivery platforms. The startup operates by plugging its special credit scoring system into ride-hailing and delivery platforms. This lets them see how drivers and delivery folks are performing and making money, so they can decide who gets loans. Moove offers loans by selling new cars, covering up to 95% of the cost within five days of signing up. Customers can then repay these loans over 24, 36, or 48 months, using a part of their weekly earnings. The company aims for profitability by 2025, marking a significant milestone for African startups amid economic challenges and funding hurdles.
Riding the Wave of Opportunity
Moove’s expansion is a promising sign for the African startup scene. With its focus on high-growth markets and partnerships with giants like Uber, the company is well-positioned for growth and Investors are taking notice, especially as Moove shifts towards electric vehicles (EVs), aligning with the increasing demand for socially responsible startups.
Local Team, Local Focus
In a recent LinkedIn update, Moove expressed excitement about its Mexico launch: “The first vehicles have been delivered to drivers, marking a major step in our LatAm expansion.” The startup is tapping into the rising demand for ride-hailing services in the region and has built a dedicated local team to support its operations.
A Global Vision
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove now operates in seven markets, including Nigeria, South Africa, and the UK. The fintech company sells vehicles to ride-hailing drivers, deducting payments from their earnings. Since 2023, it has shifted its fleet in the UAE to EVs and plans to introduce over 20,000 in India soon.
