NBK Capital Partners Mezzanine Fund II has closed a US$10mn financing facility with mobility fintech Moove, Uber’s exclusive vehicle supply partner in Africa
The growth facility from the fund will support Moove’s expansion in West Africa initially and is the first investment in Africa by NBK Capital Partners funds.
With a vast market opportunity in Africa, Moove provides vehicle financing for cars, bikes and lorries to mobility entrepreneurs across the continent through its alternative credit scoring technology and innovative revenue-based financing model. The company currently operates in six cities across Ghana, Nigeria, South Africa, and Kenya, with plans to expand further across the continent.
“We are very excited to partner with Moove on its journey to transform access to credit for millions of people across the African continent,” said Yaser Moustafa, CEO of NBK Capital Partners. “The company is driven by strong founders who possess a unique, long-term vision for success, one built on the empowerment of individuals from every socioeconomic class across the region but also a genuine commitment to social and environmental sustainability.”
Jide Odunsi, co-founder and CEO, Moove, commented, “Using our alternative credit-scoring technology and revenue-based model, Moove is empowering more women to access financing and become mobility entrepreneurs. We’re committed to ensuring that at least 50% of our customers are female, providing them with the tools, services, and flexibility they need to be productive and successful, when previously they have been excluded from more formal means of employment.”