Mobility Fintech Startup Moove Raises $30 Million for Expansion to UAE
The startup plans to use the funds to scale to 2,000 electric vehicles in the UAE in 2023.
Moove, a Nigerian-based mobility fintech platform, has announced that it’s raising $30 million through its first sukuk issuance arranged by Franklin Templeton Investments Ltd, which it will use to introduce its electric vehicle (EV) fleet to the MENA region, starting with the UAE.
Founded in 2020 by Jide Odunsi and Ladi Delano, Moove provides revenue-based financing and financial services to mobility entrepreneurs.
“This financing is a milestone for Moove. Our first sukuk issuance showcases our growth and sustainability as a global company,” Ladi Delano, Co-Founder and Co-CEO of Moove, tells StartupScene. “Equally important is that this furthers our mission to build the biggest EV ride-hailing fleet in the region, to drive forward mobility electrification and enable cities to reach their net-zero targets.”
The startup hopes that the sukuk will allow it to tap into Islamic investors who are interested in environmentally and socially responsible investments, as well as open up more financing to support its expansion plans. It’s worth noting that the sukuk was also privately placed and structured as a Sukuk al- istisna, a Shari'ah-compliant contract for the order to manufacture EVs.
As part of its launch in the UAE, Moove will alsoAs part of its launch in the UAE, Moove will also introduce Moove Charge, an EV charging network app for ride-hailing drivers, which enables users to locate charging points and manage the overall charging of their vehicles.
To date, Moove has scaled up to 13 markets across nine countries in 2022.
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