Moove, the world’s first mobility FinTech and Uber’s largest vehicle supply partner in EMEA, has launched in London as part of its global expansion.
The African-born startup has launched in Europe with a 100 per cent EV rent-to-buy model that provides access to brand new, zero-emissions vehicles for a flat weekly fee.
Moove has been backed by some of the world’s leading investors, raising over $200 million to date.
The company aims to be the largest EV partner on Uber’s platform in London with plans to scale to up to 10,000 vehicles by the end of 2025, creating sustainable earnings opportunities and contributing to the city’s net zero carbon emissions goals.
London is the global leader for Uber’s electrification efforts with over 6,000 EVs on the platform – the most of any Uber city.
Moove’s London launch will enable Uber to progress towards its goal of becoming an all-electric platform in the capital by 2025. Moove customers can apply to use Uber’s £145m Clean Air Plan to reduce the cost of their vehicle.
Founded by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove launched in Lagos, Nigeria in 2020 to democratise access to vehicle ownership.
Having now scaled to nine markets across sub-Saharan Africa and India, Moove is leading the charge in the ‘mobility FinTech sector’, a white space it created and which is solving the challenge of limited access to vehicle financing for millions of gig workers across ride-hailing, logistics, and instant delivery sectors, of which there are around 4.5 million in the UK alone.
Moove’s alternative credit scoring technology provides access to vehicle financing to gig worker customers who may have previously been excluded from financial services.
Over the past two years, Moove has enabled sustainable job creation and a path to asset ownership with its customers having completed over seven million trips in Moove-financed vehicles.
The company is now bringing its impact-led model to the UK, its first expansion into Europe and on the heels of its recent India launch, as part of its mission to close the finance gap for mobility gig workers globally.
In London, Moove’s innovative approach to vehicle financing is designed to empower its customers with access to brand new, zero-emission vehicles with an easy sign-up process as well as no credit checks, upfront costs, or deposit needed.
In addition, Moove customers driving with Uber can reduce their weekly payments by using funds raised through Uber’s Clean Air Plan to help them meet the cost of switching to an EV.
Uber’s Clean Air Plan has raised over £145m, equating to approximately £3,000 per driver. Moove estimates that the 10,000 EVs it plans to finance by 2025 in London will contribute a reduction of around 63,000 megatonnes of carbon dioxide emissions per year.
Ladi Delano, co-founder and co-CEO at Moove, said: “We are proud to have built a business in Africa to now be able to scale our model here in Europe, which is something that no other African fintech company has done before. This also marks a milestone of firsts for us; as we are excited to be launching with our first 100 per cent EV fleet. We are thrilled to be expanding our partnership with Uber to drive our commitments towards the electrification of mobility.”
Andrew Brem, general manager at Uber UK, said: “Our aim at Uber is to become a 100 per cent electric platform in London by 2025 and we understand that drivers need access to financing if they want to make the transition to an electric vehicle. Moove’s model will help more Uber drivers switch to pure electric faster, to reduce their running costs and help clean up London’s air. With demand from riders higher than ever, our partnership with Moove will benefit drivers and riders alike.”
Earlier this year, Uber expanded its EV-only product Uber Green to the whole of London allowing millions of riders in the capital to book an EV on-demand for the same price as an UberX. EV drivers also benefit from a 15 per cent boost in earnings for Uber Green trips, as well as savings on fees and running costs compared to petrol and hybrid vehicles.
Moove’s customers have completed over seven million trips in Moove-financed vehicles.