A British International Investments (“BII”), the UK Government Development Finance Institution (DFI), which was formerly known as CDC Group, announced a $20 million structured credit investment in startup move – a mobility fintech that democratizes access to vehicle ownership in Africa.
BII's investment thus reflects the company's focus on mobilizing capital to build self-reliance and market resilience in Nigeria, and improve access to inclusive economic opportunities, while helping to catalyze boundless entrepreneurial ambition in the country.
According to what was revealed by Nick O'Donohoe, CEO of BII, at the investment presentation ceremony, this organization's strategy also aims to provide productive, sustainable and inclusive investment and is committed to deepening its capital commitments to support the emergence of more innovative Nigerian companies, providing progressive solutions to urgent and complex development challenges.
"Delighted to be in Lagos to mark the launch of British International Investment, and to host Nick O'Donohoe during his visit to Nigeria“, said the British High Commissioner in the country, HE Catriona Laing CB, who was also at the event.
BUT: Nigerian startup creates blockchain-based money transfer service
"The BII forms an important part of the UK's package of tools and expertise to help Nigeria build its investment pipeline and increase investment in infrastructure, in particular to achieve clean and green growth. The launch of BII marks the continuation of this partnership, and we look forward to seeing BII support expand and diversify in Nigeria.“, he underlined.
Founded by young Nigerian entrepreneurs, Moove is democratizing access to vehicle ownership by providing revenue-based vehicle finance and financial services to mobility entrepreneurs.
Mobility fintech is creating sustainable employment opportunities to empower those who are otherwise excluded from financial services by incorporating its alternative credit scoring technology into “ride hailing“, e-logistics and instant delivery, and using proprietary performance and revenue analytics to underwrite vehicle loans.
Since launching in 2020, Moove has rapidly expanded its operations in Nigeria and entered new African markets including Ghana, Kenya, Uganda and South Africa, as well as markets in Europe, the Middle East and Asia.
