African-born mobility fintech Moove said today that it has partnered with ride-hailing giant Uber to launch its vehicle financing services in India.
The partnership will enable Moove to offer vehicle financing solutions to mobility entrepreneurs in Mumbai, Bangalore and Hyderabad ”to create sustainable work opportunities to empower those previously excluded from financial services,” the start-up said in a statement.
The fintech, which is Uber’s largest vehicle supply partner in the EMEA region, plans to launch 5,000 electric & CNG vehicles in India within the first year and 30,000 vehicles over the next five years.
‘‘We’re excited to be expanding our revenue-based vehicle financing model to enable the sustainable creation of jobs across the country, where there are some of the lowest vehicle ownership rates in the world, in part because of the lack of access to credit’‘ said Ladi Delano, the co-founder and co-CEO of Moove. ”We are delighted to be expanding our Uber partnership to solve this problem for our new customers in India.”
Founded in 2020 by Ladi Delano and Jide Odunsi in 2020, Moove became the first mobility fintech in the world offering vehicle financing solutions to the drivers of ride-sharing companies including Uber. The company started its journey with the aim of bringing a solution to African entrepreneurs’ lack of access to vehicles, and managed to expand into 6 more African cities in a short time.
The latest partnership of Moove, which recently raised $105 million in a Series A2 funding round, marks the start-up’s first ever global expansion outside of the African market.
‘’We are excited to partner with Moove and work together to unlock growth as we witness a resurgent post-pandemic demand in India,’’ said Abhilekh Kuma, the Director of Business Development at Uber India & South Asia. ‘’The addition of new cars will help provide superior customer experience to riders while creating sustainable earning opportunities for drivers on the Uber platform.’’