Moove is an African FinTech company that provides financial services to mobility entrepreneurs. Simply put, if you want to start a taxi business with Uber, Moove will provide you with the financing you need to acquire a car. You repay the money through a monthly payment plan. Now, you can say that a bank will provide you with the same service, right? Well, Move has a different and more friendly approach. We speak to Ladi Delano, Co-Founder and Co-CEO of Moove, to learn more about how Moove works.
Can you tell us about yourself and what industries you have worked with?
Growing up in London, I have been an entrepreneur most of my life.
I didn’t have a linear path in business and have built companies in multiple industries in Europe, Asia and Africa. After the successful exit of my last business, I decided to return to my studies and obtained an MPA from the London School of Economics and an MSc in Management from Oxford University, albeit 10 years later than initially expected. Wind!
I met Jide Odunsi, Co-CEO of Moove, during my undergraduate time in London. When we both came across an academic paper titled ‘Creating Shared Value’ by Michael Porter, we were both inspired to combine creating economic value to solve social problems. This led to us finding Grace Lake Partners (GLP), a venture studio based in Nigeria. Over the next 6 years, we started three successful businesses of shared value that are still operating today even though we no longer manage the day-to-day operations.
What was the reason for starting Moove?
My co-founder Jide Odunsi and I knew from personal experience that access to credit and banking finance is very difficult for a large proportion of African society. Payday loan platforms and alternative credit avenues sprung up in Nigeria but these were very expensive options that led many to the bottom of eternal debt.
Together we set out to find a solution that would allow us to reach other markets beyond Nigeria and that led us to Vehicle Finance. Today’s gig workers lack access to credit because traditional banks rely on historical data to underwrite their loans. Asset ownership in Africa, and increasingly around the world as we see the rapid growth of the gig economy, remains a key component in the path to financial security.
Moove was founded in 2019 and is focused on unlocking access to credit for millions of mobility entrepreneurs and is the world’s first mobility fintech.
The business is centered around the core concept of shared value creation and strives to achieve three key impact objectives: 1) 100% financial inclusion; 2) 60% electrification of vehicle fleet. and 3) 50% female drivers. In 2022, we have now expanded globally where we have established strategic partnerships across the mobility ecosystem, including global ride-hailing, express delivery, trucking and logistics platforms, vehicle OEMs, and other service providers. The doers We now operate in 13 cities within SSA, MENA and EMEA with 5 vehicle classes, cars, trucks, bikes, vans and buses.
Can you explain how the Moove platform works?
Moove embeds its alternative credit scoring technology into ride-hailing and e-logistics platforms, allowing us to access and use mobility entrepreneurs’ proprietary performance and revenue analytics to underwrite loans. Our model is to sell new vehicles to our customers and provide loans with up to 95% of the purchase financing within five days of signup. Moove customers can choose to repay their loans over 24 to 60 months, depending on the vehicle, using a percentage of their weekly income. All Moove users sign up to the Moove app to manage all transactions and access other financial products on the platform.
Do drivers need to meet certain conditions before being approved for financing?
At Moove, we want to simplify the driver evaluation process. To do this, we ask every potential driver to apply on our website. moove.io. We then verify the drivers’ details and if all requirements are met, they can drive their new car in just five days.
Our process is very clear and transparent to our customers. We do not underwrite customer financing based on historical financial transaction information as in traditional underwriting. Moove’s alternative credit scoring technology uses proprietary performance and revenue analytics. This allows our customers to access asset ownership and sustainable employment to build their future productivity and capacity as mobility entrepreneurs.
Have you faced any challenges setting up shop here? If yes, how did you treat them?
As part of Moove’s global expansion, we successfully launched in Mumbai and Hyderabad a month ago but it has not been without its challenges. The region is a rich and diverse economy with diverse demographics. To effectively develop our business model, we focused on a localized approach to meet the specific needs of each market. In each new market, we work closely with our partners to ensure that the needs of local customers are met.
Our customers, Mobility Entrepreneurs of India SA, like many entrepreneurs around the world, have suffered greatly from the global impact of COVID-19 over the past 2 years. Many people lost their vehicles and their confidence in the sector. As an impact-driven business, Moove is committed to democratizing vehicle ownership by removing barriers to access to finance and thereby creating sustainable employment opportunities. Our product accessibility, transparency with our customers, and our focus on customer success have led Moove to build a business around their growth and their aspirations.
What steps are you taking to electrify the fleet?
Moove has targeted 5000 3-wheelers and 4-wheelers in India as Uber India’s largest fleet partner. We have initially launched 4-wheeler CNG (compressed natural gas) vehicles with UberGo and are targeting 2000 electric vehicles. We expect to have a captive fleet of 30k vehicles in India in the next 2-3 years which will significantly contribute to the supply requirements of Ubers. We are continuously analyzing the market to introduce cost-effective ride with EV 4Ws in India. Given the charging challenges, we are also looking for partnerships to help us service these EVs and integrate ourselves into the EV charging value chain by launching an EV product that meets the needs of our customers. fulfills
Your vision is to have 50% female users, what is the current ratio and what steps are you taking to accelerate the growth of female users??
Our first market, Nigeria, has a gender gap in financial inclusion of 24%, the highest in sub-Saharan Africa. That’s when we found that lack of access to transportation affects women’s employability, reducing their participation in the labor force by 15 percent. Our commitment to our impactful goals of 50% women’s financing and 100% financial inclusion recognizes that by increasing women’s access to financial services, they, in turn, gain greater access to assets that It gives rise to greater financial freedom and control over their lives.
Developed in partnership with our female users, Moove developed the Women’s Ambassador Program to provide a collaborative network and mentoring facility for our female users. This collaborative approach enables constant communication about the needs of our female customers and ensures that their needs are taken into account in our product development.
Moove has also launched a women-specific product, designed keeping in mind the specific needs of women. In providing sustainable employment, we empower women to achieve financial independence. Launched in South Africa, it will be rolled out to other Moove markets over time.
Apart from Mumbai, Hyderabad and Bangalore, which cities are you focusing on in the coming months?
Delhi. We look forward to our further expansion across India, to bring our revenue-based financing model to more customers in the country.