Moove, a Nigerian fintech company, has recently received a $20million investment from British International Investments (BII). Moove stated that the funds would be used to democratize vehicle ownership across Africa.
Credit Extended Based on Drivers’ Performance and Revenue Analytics
British International Investment (BII) recently announced that it had made $20 million investment in Nigerian mobile fintech Moove. According to a statement released by the institution (formerly CDC Group), the 4-year structured credit investment is a reflection of BII’s “focus on mobilizing capital to build self-sufficiency and market resilience in Nigeria.”
Launched in 2020, Moove, which reportedly aims “to democratize access to vehicle ownership in Africa,” is focused on providing revenue-based vehicle financing to mobility firms. According to a Fintech Futures Report, Moove is extending credit previously uninsured drivers. The credit extended is based on the drivers’ performance and revenue analytics.
Moove raised $200 million and $125 million this year, respectively. According to Moove the latest investment by BII will go towards purchasing fuel-efficient cars that can be leased out to drivers.
“This will also alleviate one of the key blockages to the development of ‘ride-hailing’ transportation infrastructure in Nigeria’s commercial capital,” the fintech firm reportedly said.
British Investments in Nigeria
Catriona Laing (british high commissioner to Nigeria), spoke at a recent function that marked the transition from CDC Group’s name to BII.
It’s a pleasure to be in Lagos to mark the launch of British International Investment and to host Nick O’Donohoe during his visit to Nigeria. BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular, to achieve clean, green growth.
According to Laing, the launch of the DFI represents a continuation of the United Kingdom’s partnership with Nigeria which began 74 years ago, with the investment in the West African Fisheries and Cold Store.
For his part, Nick O’Donohoe, the CEO of BII, remarked that “investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise.”
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