Moove scales up in Nigeria with a $20 million financing from British International Investment

A Nigerian-born global start-up has announced a fresh $20 million funding round from British International Investment (BII), which will be used to grow its operations in Nigeria and dramatically increase its product offerings for clients across the country.

British International Investment (“BII”), the UK government’s Development Finance Institution (DFI), formerly known as CDC Group, announced a US $20 million, four-year structured credit investment in Moove.

The investment underlines the BII’s objective on mobilizing resources to assist Nigeria achieve self-sufficiency and market resilience, as well as expand access to inclusive economic opportunities and catalyze the country’s unlimited entrepreneurial ambition.

Moove is also the first company to receive the BII’s BOLD (Black Ownership and Leadership Development) and 2X credentials, which are aimed at building a more inclusive approach to investing.

On how BII’s new five-year strategy is driving its investment in Moove, O’Donohoe comments: “Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise. In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry” “I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers.”

Ladi Delano, co-founder and co-CEO at Moove, said, “We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.

According to Moove, the new funding puts them in an even stronger position to use their technology and productivity data to create a more inclusive financing ecosystem, while also addressing the unemployment problem that affects over a third of Nigerians by creating opportunities for more seamless and sustainable employment.

Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, Moove is democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.