Tech

Nigeria’s fintech startup, Moove secures $76m funding to drive global expansion

Published

1 year ago

August 10, 2023

Nigerian mobility fintech operator, Moove has announced securing $76 million in new funding to power its global expansion drive.

The funding, according to a statement by the company, consists of $28m in equity from new and existing investors, and is coming just two months after it raised $8 million in financing from Absa Corporate and Investment Banking (CIB).

Ladi Delano, Co-founder and Co-CEO of Moove, who made the announcement, said the latest round of funding was led by Mubadala Investment Company (Mubadala), $10m venture debt from funds and accounts managed by BlackRock, and $38m in previously undisclosed funds raised during the prior twelve months.

“We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months,” the CEO said.

“With this investment, we will now accelerate our mission and continue creating life-changing opportunities for our customers while working towards profitability.

“It gives us great pride in seeing our customers build a better life for themselves and their families, and this funding will allow us to offer this chance to more entrepreneurs,” Delano added.

The startup, which provides vehicle financing to drivers of ride-hailing platforms like Uber, says it will use the funding to continue its mission to build the largest tech-driven financial services platform for mobility entrepreneurs, and strengthen its position on the global stage.

Founded in 2020 in response to the lack of vehicle financing faced by over two million African mobility entrepreneurs, Moove has gone on to have a global interest which has seen its business expand across multiple geographical locations.

It is now working towards further global expansion with plans to launch multiple new products and a goal to reach profitability by the company year-end.

Moove is Uber’s largest vehicle financing partner in EMEA and already operates the largest EV fleet by supply hours on the Uber platform in the UAE, despite launching only four months ago.

Related Topics:Featured Funding Mobility Fintech Moove

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Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

24 hours ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

2 days ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation