[Transcript] #74: Moove - How the mobility fintech is providing vehicle financing to mobility entrepreneurs across Africa and the rest of the world

Transcript for podcast originally recorded in January 2024

😉 In January 2024, we explored the story of Moove, the mobility financing startup. Moove provides vehicle financing to ride-hailing drivers through a revenue-based model. It aims to democratize vehicle ownership by offering loans that drivers repay using a percentage of their weekly earnings. The company operates in several African cities and partners with platforms like Uber.

Companies discussed: Moove, Uber, Lyft, Autochek, Cars45, GoKada, Creditas, Swvl, Lori, Sendy & FairMoney.

Business concepts discussed: Revenue-based financing, asset-based lending, Ridesharing & Mobility entrepreneurship.

Olumide Ogunsanwo

• Personal: Website

• Afrobility Podcast: Stories and analyses of African technology companies (Website, Listen: Apple podcasts, Spotify & Google podcasts & Read: Substack Newsletter)

• Adamantium Fund: African B2B fund focused on education, health, finance, food and transportation (Website & memo)

• Firedom Book: Financial Independence stories of African Immigrants (Website, Substack Newsletter & Buy: Print, eBook or Audiobook)

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Transcript starts here

[00:00:00] Olumide Ogunsanwo: Today, we're going to explore Moove, the mobility financing startup. We'll discuss the story across the following areas. First, we'll give some context about African mobility and transportation. Second, we'll discuss Moove's early history and launch. Third, it's product monetization strategy. Fourth, it's competitive positioning and potential exit options. And then fifth, we'll end with our views on its overall outlook. 

This episode was recorded on January 14th, 2024. 2024 episode! Finally, we're here!

[00:00:23] Bankole Makanju: Is this the first one we're recording this year? I think it is, right?

[00:00:24] Olumide Ogunsanwo: It is. We released the last one on December 31st, right under the wire.

[00:00:29] Bankole Makanju: We're hitting like a one a month pace now it's an old age mature podcast.

[00:00:33] Olumide Ogunsanwo: Very mature & experienced. How are you doing, man? Man, you good? I'm good. I'm ready for 2024. Ready for Moove. It's gonna be a good year. I'm excited. I think based on our current trajectory, we're gonna get to a hundred episodes in early 2025.

Exciting times. Let's go!

[00:00:50] Bankole Makanju: All right, cool. Let's go!

[00:00:56] Olumide Ogunsanwo: Moove is a Nigerian mobility fintech that provides vehicle financing to mobility entrepreneurs. That one seems fine. Makes sense.

[00:01:12] Bankole Makanju: Mobility FinTech company that provides revenue based financing to mobility entrepreneurs. I like the mobility entrepreneurs term. It's like, hmm, I didn't think about it, but I guess that's what it is.

[00:01:23] Olumide Ogunsanwo: It's kind of like the term that works. In America we call these types of entrepreneurs gig workers, but I guess it sounds more respectful to call them entrepreneurs in Africa.

Other definitions: Moove is a revenue based vehicle financing company that helps drivers on ride hailing platforms purchase new cars and pay in installments. That's more detailed and more accurate.  

[00:01:46] Bankole Makanju: Well, purchase or rent, depending on the market, they have to do different things. 

[00:01:49] Olumide Ogunsanwo: Exactly. My overall favorite, because I wanted to include Uber in the definition of the company, because Uber is very important to this company, is Moove provides revenue based vehicle financing to drivers of ride hailing and logistic platforms and partners with Uber through the exclusive agreement.

That is my favorite because I want to always tie in. You'll see as the story evolves that this is a very Uber centric growth story.

[00:02:13] Bankole Makanju: Or maybe even better, Moove provides liquidity to ride sharing marketplaces by providing financing to the drivers. To create that liquidity. So Moove is a customer of Uber by providing liquidity and the service that provides liquidity to the marketplace.

[00:02:28] Olumide Ogunsanwo: As long as you have my money, you could be that customer. I could be a customer. Just pay me. They're particularly interesting because they were founded around 2019, 2020. So they've been around for four ish years, depending on how you count it. And they've already raised between $300M and $500M.

Over the past four years. Such an incredible fundraising journey.