{"id":75192,"date":"2022-12-12T01:56:27","date_gmt":"2022-12-12T01:56:27","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/12\/12\/nigerian-mobility-fintech-moove-raises-usd-30-mn-to-turbocharge-its-mena-expansion-with-evs\/"},"modified":"2022-12-12T01:56:27","modified_gmt":"2022-12-12T01:56:27","slug":"nigerian-mobility-fintech-moove-raises-usd-30-mn-to-turbocharge-its-mena-expansion-with-evs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/12\/12\/nigerian-mobility-fintech-moove-raises-usd-30-mn-to-turbocharge-its-mena-expansion-with-evs\/","title":{"rendered":"Nigerian mobility fintech Moove raises USD 30 mn to turbocharge its MENA expansion with EVs"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Nigerian fintech mobility startup <\/strong><strong><a href=\"https:\/\/www.moove.io\/\">Moove<\/a><\/strong><strong> is raising USD 30 mn from a <\/strong><strong>sukuk issuance to boost its expansion in the UAE<\/strong> with some 2k ride-hailing EVs in the coming year, according to a company <a href=\"https:\/\/www.moove.io\/en-AE\/news\/$30mn-sukuk-franklin-templeton\">statement<\/a>. The issuance was arranged by US-based investment firm Franklin Templeton Investments and comes less than two months after Moove closed a <a href=\"https:\/\/www.moove.io\/en-GB\/news\/Moove-raises-%C2%A315m\">GBP 15 mn fundraising round<\/a> to expand operations in the UK.<\/p>\n<p><strong>SOUND SMART-<\/strong> Sukuk are a sharia-compliant bond-like financial instrument based on an underlying asset, which generates a return or \u201cincome rate\u201d for an investor. Moove is issuing \u201cistisna\u201d sukuk, which are typically used for manufacturers. You can dive deeper with <a href=\"https:\/\/enterprise.press\/stories\/2020\/12\/08\/enterprise-explains-sukuk-26666\/\">this nifty explainer from EnterpriseAM<\/a>.<\/p>\n<p><strong>Who is Moove? <\/strong>The company is the world\u2019s first mobility fintech which acts as a vehicle financing platform for mobility entrepreneurs, according to its <a href=\"https:\/\/www.moove.io\/en-AE\/about-moove\">website<\/a>. Launched in 2020, the Nigerian startup is now Uber\u2019s largest vehicle supply partner in EMEA and provides royalty-based financing to drivers of ride-hailing and delivery firms. The company provides loans to purchase or rent vehicles and enrolls drivers on Uber\u2019s platform, subtracting rental fees on a weekly basis from their paychecks. Moove also works with Egypt-born mass transit app <a href=\"https:\/\/www.swvl.com\/\">Swvl<\/a> and Kenyan trucking and logistics startup <a href=\"http:\/\/sendy\">Sendy<\/a>.<\/p>\n<p><strong>A fast expansion with big EV plans:<\/strong> Initially launched to address a lack of access to vehicle financing in Lagos, Moove has scaled to 13 markets across <a href=\"https:\/\/www.moove.io\/en-AE\/news\/$30mn-sukuk-franklin-templeton\">nine countries<\/a> \u2014 including Egypt, Kenya, South Africa, and India \u2014 in 2022 with a commitment to ensure at least 60% of the cars it financed are EVs. The planned 2k EV fleet in the UAE will offset some 5k tons of CO2 emissions, helping Dubai realize its net zero emissions target by 2050, the statement notes.<\/p>\n<p><strong>And there\u2019s more:<\/strong> The startup also plans to launch an EV charging platform \u2014 the Moove Charge app \u2014 as part of its UAE expansion, allowing users to find the locations and availability of charging stations compatible with their EVs on an app.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigerian fintech mobility startup Moove is raising USD 30 mn from a sukuk issuance to boost its expansion in the UAE with some 2k ride-hailing EVs in the coming year, according to a company statement. The issuance was arranged by US-based investment firm Franklin Templeton Investments and comes less than two months after Moove closed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[265],"tags":[40,11,64,685,260,622,264,262,52,1364,78],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75192","post","type-post","status-publish","format-standard","hentry","category-startup-watch","tag-egypt","tag-enterpriseclimate","tag-evs","tag-ghana","tag-india","tag-south-africa","tag-startup-watch","tag-startups","tag-uae","tag-uganda","tag-uk","wpautop","entry"],"acf":{"mongo_id":"3ef64c1f-5383-443d-bad8-065ed13c0e99","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[75183],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigerian mobility fintech Moove raises USD 30 mn to turbocharge its MENA expansion with EVs - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/12\/nigerian-mobility-fintech-moove-raises-usd-30-mn-to-turbocharge-its-mena-expansion-with-evs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigerian mobility fintech Moove raises USD 30 mn to turbocharge its MENA expansion with EVs\" \/>\n<meta property=\"og:description\" content=\"Nigerian fintech mobility startup Moove is raising USD 30 mn from a sukuk issuance to boost its expansion in the UAE with some 2k ride-hailing EVs in the coming year, according to a company statement. The issuance was arranged by US-based investment firm Franklin Templeton Investments and comes less than two months after Moove closed [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/12\/nigerian-mobility-fintech-moove-raises-usd-30-mn-to-turbocharge-its-mena-expansion-with-evs\/\" \/>\n<meta property=\"og:site_name\" content=\"Climate\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-12T01:56:27+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2022\/12\/12\/nigerian-mobility-fintech-moove-raises-usd-30-mn-to-turbocharge-its-mena-expansion-with-evs\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2022\/12\/12\/nigerian-mobility-fintech-moove-raises-usd-30-mn-to-turbocharge-its-mena-expansion-with-evs\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Nigerian mobility fintech Moove raises USD 30 mn to turbocharge its MENA expansion with EVs\",\"datePublished\":\"2022-12-12T01:56:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2022\/12\/12\/nigerian-mobility-fintech-moove-raises-usd-30-mn-to-turbocharge-its-mena-expansion-with-evs\/\"},\"wordCount\":338,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#organization\"},\"keywords\":[\"Egypt\",\"EnterpriseClimate\",\"EVs\",\"Ghana\",\"India\",\"South Africa\",\"Startup watch\",\"startups\",\"UAE\",\"Uganda\",\"UK\"],\"articleSection\":[\"STARTUP WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2022\/12\/12\/nigerian-mobility-fintech-moove-raises-usd-30-mn-to-turbocharge-its-mena-expansion-with-evs\/\",\"url\":\"https:\/\/enterpriseam.com\/climate\/2022\/12\/12\/nigerian-mobility-fintech-moove-raises-usd-30-mn-to-turbocharge-its-mena-expansion-with-evs\/\",\"name\":\"Nigerian mobility fintech Moove raises USD 30 mn to turbocharge its MENA expansion with EVs - 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