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Moove Initiates R284 Million Investment Conference Commitment
Moove, a mobility fintech company, has fulfilled its R284 million investment commitment made at the fifth South African Investment Conference hosted by President Cyril Ramaphosa in April 2023.
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As a fintech with a focus on social impact, Moove extends financial services to unbanked and underserved consumers, enabling them to access revenue-based financing and a path to asset ownership and financial stability as reported by Freight News.
The company achieves this by integrating its alternative credit scoring technology into ride-hailing, logistics, mass transit, and instant delivery platforms. It underwrites customers who were previously excluded from financial services using proprietary performance and revenue analytics.
Warren Peters, Moove South Africa Managing Director, disclosed that the R284 million pledge has been used to acquire over 2,000 vehicles in Cape Town and Johannesburg. These vehicles have been deployed to mobility entrepreneurs in these cities. Furthermore, an additional investment of R300 million is earmarked for acquiring 1,400 new vehicles, with ongoing funding and vehicle allocation scheduled for 2024.
Peters highlighted that the initial investment has already generated more than 2,000 jobs for mobility entrepreneurs, Moove employees, and technical staff at Johannesburg and Cape Town dealerships. The company expects future funding to create opportunities for an additional 1,400 mobility entrepreneurs, potentially resulting in approximately 50 more jobs through their network of partners and service providers.
This investment opens doors for deserving South Africans who are currently excluded from certain financial services, offering them the chance to become mobility entrepreneurs and asset owners. Moove operates in various cities across Africa, the Middle East, Europe, and India, connecting places like Lagos, Cape Town, Johannesburg, Dubai, Hyderabad, Bangalore, Mumbai, and London.
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Photo: Facebook / @ Moove
