UK Commits $20m To Nigerian Startup


The UK government’s Development Finance Institution (DFI), British International Investment, has approved a $20 million, 4-year structured credit investment in Nigerian mobility fintech start-up, Moove.

BII, which is formerly known as CDC Group, said the investment reflects its focus on mobilising capital to build self-sufficiency and market resilience in Nigeria, and improve access to inclusive economic opportunities while helping to catalyse the country’s boundless entrepreneurial ambition.

The funding will enable Moove to purchase and import brand new fuel-efficient cars into Lagos, which will be leased to drivers who can then earn their way to asset-ownership, over a three to four-year period.

The announcement was made at a business reception co-hosted by the British High Commissioner in Nigeria, Catriona Laing CB and CEO of BII, Nick O’Donohoe at the British Deputy High Commissioner’s Residence in Ikoyi.

“BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth

“The launch of BII marks a continuation of this partnership, and we look forward to seeing BII’s support expand and diversify in Nigeria,” Laing said

In his keynote speech, Nick O’Donohoe highlighted BII’s 74-year history in Nigeria, from its first investments in 1949, in West African Fisheries and Cold Store, to the organisation’s pioneering role in supporting Nigeria’s first private equity fund – African Capital Alliance’s Capital Alliance Private Equity Fund I (CAPE I).

On how BII’s new five-year strategy is driving its investment in the world’s first mobility fintech, Moove, O’Donohoe stressed, “investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise. In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry.

“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers.”

Founded by serial entrepreneurs, Moove is democratising access to vehicle ownership by providing revenue-based vehicle financing and financial services to mobility entrepreneurs. The mobility fintech company is creating sustainable employment opportunities to empower those otherwise excluded from financial services by embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, and using proprietary performance and revenue analytics to underwrite vehicle loans.

Co-founder and co-CEO at Moove, Ladi Delano, said, “We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.

With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”

[DailyTrust]