After a successful August launch, Moove, the world's first mobility fintech and Uber's largest vehicle supply partner in EMEA, has secured £15 million in funding from Emso Asset Management to expand its UK operations.

In August, Moove debuted in London with a 100% EV rent-to-own model that grants mobility entrepreneurs access to brand-new, zero-emissions vehicles for a flat weekly fee.

The new financing facility will allow the mobility fintech to scale to 10,000 vehicles by the end of 2025 and become the largest EV partner on Uber's London platform.

Electrifying transportation at scale

Moove was launched in Lagos, Nigeria in 2020 by entrepreneurs Ladi Delano and Jide Odunsi to democratise access to vehicle ownership.

Having now scaled to nine markets across sub-Saharan Africa and India, the mobility fintech is leading the charge in the 'mobility fintech sector’, a white space it created and which is solving the challenge of limited access to vehicle financing for millions of gig workers across ride-hailing, logistics, and instant delivery sectors, of which there are around 4.5 million in the UK alone.

The Mobility Fintech alternative credit scoring technology provides access to vehicle financing to gig worker customers who may have previously been excluded from financial services.

In the past two years, Moove has helped create stable jobs and a path to owning assets. Its customers have taken more than 9 million trips in vehicles financed by Moove.

London is the global leader in Uber’s electrification efforts, with over 7,000 EVs on the platform – the most of any Uber city.

It’s London operations will enable Uber to progress towards its goal of becoming an all-electric platform in the capital by 2025.

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The mobility fintech thinks that the 10,000 EVs it plans to finance in London by 2025 will help cut carbon dioxide emissions by about 63,000 megatons per year.

To make this switch to EVs possible in London, the mobility fintech company also released Moove Charge, the first full EV charging network app made just for ride-hailing drivers.

Moove Charge enables Moove customers to locate, control, and pay for charging across one of the largest roaming networks in London, covering over 7,000 slow, fast and rapid charge points, providing a better and easier experience for drivers as well as riders as it enables more electric cars to be on the road and reduces wait times.

Moove's co-founder and co-CEO, Ladi Delano, said: “This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we’re committed to solving at Moove. We’re looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.”