MUFG Innovation Partners invested in Moove.
MUFG Innovation Partners invested in Moove, a leading mobility fintech company to empower mobility entrepreneurs with revenue-based vehicle financing
Mar 14, 2022 – MUFG Innovation Partners Co., Ltd. (MUIP), a corporate venture capital fund and a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), recently invested in Moove Africa B.V. (Moove), a Nigerian-born global start-up, providing revenue-based vehicle financing and financial services to mobility entrepreneurs. By enabling its customers to purchase new vehicles and pay back the loan over a 2 to 5 years period using a percentage of their weekly revenue, Moove is empowering a new generation of gig economy mobility entrepreneurs.
While building a transformative business for mobility entrepreneurs the region, Moove is ensuring that at least 60% of the vehicles it finances are electric or hybrid, inline with the targets set at COP26. For its commitment to tackle climate crisis, Moove was recently awarded IFC’s Annual Corporate Award as one of the top 20 most impactful and transformational projects.
Through the investment, MUIP would support Moove’s business growth, achieving financial inclusion as well as strategic partnership with MUFG and its customers.
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with around 3,000 locations in more than 50 countries. The Group has over 180,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to ““Committed to empowering a brighter future.” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english
Moove is a Nigerian-born global start-up, providing revenue-based vehicle financing and financial services to mobility entrepreneurs. By embedding its alternative credit scoring technology onto ride-hailing, instant delivery, and e-logistics platforms, Moove can use proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services. Over 2.6 million rides have been completed in Moove-financed vehicles across six markets (Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan), and three product categories – cars, trucks and motorbikes. With a commitment to ensuring at least 60% of its fleet is hybrid and electric vehicles and that 50% of its riders are women, Moove is putting impact at the core of its growth.