Mobility fintech Moove lands $30m to fuel UAE expansion
Nigerian fintech Moove, the “world’s first mobility fintech”, has raised $30 million from a debut sukuk issuance arranged by Franklin Templeton Investments.
The completion of the debut sukuk, a sharia-compliant bond-like instrument used in Islamic finance, will allow Islamic investors in Dubai to support Moove’s ongoing expansion plans in the Middle East and the manufacture of electric vehicles (EVs).
Moove, Uber’s largest vehicle supply partner in Europe, Middle East and Africa (EMEA), intends to use the funding to scale to 2,000 EVs in the UAE over the coming year, purportedly the biggest EV ride-hailing fleet in the region.
The firm estimates that this fleet of EVs will contribute to a reduction of more than 5,000 metric tonnes of carbon dioxide emissions per year to help cities like Dubai meet net zero targets.
Moove co-founder and co-CEO Ladi Delano says the financing is a “milestone” for Moove. “Our first sukuk issuance showcases our growth and sustainability as a global company,” Delano says.
As part of its launch in the UAE, Moove will be rolling out its EV charging app, Moove Charge, an EV charging network app specifically for ride-hailing drivers.
It allows users to locate charge points, display charge points compatible with their vehicle, show charge point availability in real-time, filter by charge speed, start and stop charging and wallet functionality.
Moove’s entry into UAE follows a launch in Europe in August when it launched a 100% EV rent-to-buy model in London. The company also launched in India and will launch 5,000 CNG and EVs across Mumbai, Hyderabad and Bangalore in its first year.