• Back in April Moove announced it’d invest R248 million in the local ride-sharing economy and it has made good on the pledge.
• The funds will be used to purchase vehicles to support mobility entrepreneurs.
• In August, Moove announced that it had secured $76 million in funding led by Mubadala Investment Company and BlackRock noting the funds will be used to improve its presence in the markets it operates in.

Back in April, the South Africa Investment Conference took place in which President Cyril Ramaphosa aimed to attract R1.2 trillion in investment over the next five years.

That target was exceeded and a total of R1.5 trillion was pledged. R248 million of that figure was pledged by Moove, a mobility fintech firm that operates in several cities around the globe. As you may be aware, Moove gives folks who may not be able to access vehicle finance through traditional mechanisms a way to get access to financing. The firm uses a revenue-based financing model and drivers can either pay for the vehicle over a period of 30, 36, 40 or 48 months. Drivers can also finance a vehicle on more flexible terms if they prefer.

The investment pledged in April was said to go towards assisting mobility entrepreneurs and this week, Moove made good on its pledge.

As reported by SANews, Moove is putting the investment to work by purchasing over 2 000 vehicles in Cape Town and Johannesburg.

“These vehicles were deployed to mobility entrepreneurs operating in these cities. Further investment of R300 million will soon be allocated to the purchase of 1 400 new vehicles, with further funding and vehicle allocation taking place in 2024,” explains managing director of Moove South Africa, Warren Peters.

The MD added that Moove employees and resources have been placed at dealerships in Johannesburg and Cape Town.

“We anticipate future funding to create opportunities for an additional 1 400 mobility entrepreneurs and an estimated 50 additional jobs through our network of partners and service providers,” Peters added.

In August, Moove announced that it had secured $76 million in funding led by Mubadala Investment Company and BlackRock.

“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,” co-founder and co-chief executive officer at Moove, Ladi Delano said at the time.

[Image – Daniel Monteiro on Unsplash]