A move, the world's first fintech mobility startup and Uber's largest vehicle delivery partner in EMEA, recently announced its launch in India as part of its global expansion.
In that way, the startup expanded from its African roots to Mumbai, Hyderabad and Bangalore, with a view to providing affordable vehicle finance to driver partners on the Uber platform.
With a view to being one of Uber India's largest vehicle partnerships, Moove plans to launch more than 5.000 vehicles in its first year in the country, with plans to scale to 30.000 over the next five years, creating sustainable job opportunities in a changing economy. rapid development.
In emerging markets in Africa and Asia, poor credit penetration is constraining millions of people's ability to buy new vehicles – India has extremely low vehicle ownership at less than 25 per 1.000 people compared to Europe where it is 600+ per 1000 people.
Founded in 2020, Moove was launched to democratize access to vehicle ownership. It leads this charge in the “mobility fintech sector”, a white space created by Moove that is solving the challenge of limited access to vehicle finance for millions of people in emerging markets.
BUT: British International announces funding of US$20 million to Nigerian startup Moove
To do this, the company leverages owner performance and revenue analytics to underwrite loans for customers who have already been excluded from financial services.
Over the past two years, Moove has enabled the creation of sustainable employment and a path to asset ownership, with its customers completing more than 5 million trips in Moove financed vehicles.
The company is now bringing its impact-led model to India, its first expansion outside Africa, as part of its mission to close the financial gap for mobility entrepreneurs globally.
This arrival in that Asian country only comes to confirm that the mobility fintech startup is creating sustainable employment opportunities to empower those who are otherwise excluded from financial services, incorporating its alternative credit scoring technology in platforms of “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.
