Moove, an auto financing company, has expanded into Cape Town following a $23 million funding round

Moove, an auto financing company, has expanded into Cape Town following a $23 million funding round

Mobility financing company, Moove, has announced the launch of its operations in Cape Town as part of its expansion strategy across Africa. The city is the company's fourth location where it has established operations in its first 15 months of operation.

This expansion into Cape Town comes on the heels of Moove's recent $23 million Series A funding round and builds on the company's existing operations in Johannesburg, Lagos, and Accra. Aiming to democratize vehicle ownership across Africa, the startup was founded in 2019 by Ladi Delano and Jide Odunsi, both of whom are serial entrepreneurs.

Integration of Moove

Moove integrates its alternative credit-scoring technology into ride-hailing and e-commerce platforms. Moove, which serves as Uber's exclusive vehicle financing and vehicle supply partner in Sub-Saharan Africa, has completed one million trips at a time when the company is experiencing a significant increase in new sign-ups.

In order to underwrite loans, the company's credit scoring technology - which is integrated into ride-hailing and e-logistics platforms - provides access to proprietary performance and revenue analytics of mobility entrepreneurs (such as Uber drivers).

In order to provide loans to its customers, the auto financing company sells them new vehicles and finances up to 95 percent of the purchase price within five days of signing up. Customers have the option of repaying their loans over a period of 24, 36, or 48 months by deducting a percentage of their weekly income.

In just 15 months, Ladi Delano's company has expanded to four markets, he said. "We've experienced consistent 60 percent month-on-month growth since we launched in Lagos in mid-2020, and I'm proud of our team for accomplishing this."

According to the company, plans are in place to establish a presence in additional locations over the course of the next few months. According to the report, the choice of Durban as South Africa's second city reflects the country's population of approximately 60 million people, of whom 67 percent live in urban areas.

"Despite the fact that we've only been in business in South Africa for four months, it's a fantastic market with a high demand for our product," said Sinako Cetyiwe, Moove's South Africa Country Manager.

This announcement coincides with the company's announcement of five new C-level hires for its global operations, as well as the company's celebration of one million Uber trips completed by Moove-financed cars, according to a company release.

In Conclusion

Caroline Hazlehurst will serve as President of Operations, Ammar Naqvi will serve as Chief Technology Officer, Youssef Ouyhya will serve as Chief Data Officer, Tuvia Rosenthal will serve as Chief Product Officer, and Quinten Indarjith will serve as Chief Fleet Officer, among other positions. The new executives have a combined total of 15 years of experience from companies such as Amazon, Bird, Careem, Facebook, Google, and Toyota.

According to Delano, "We are extremely excited about our new team members, who, alongside our existing Moovers, will undoubtedly continue to help us attract more diverse talent as we work toward building a dynamic, fun, and rewarding place to work."