Posted: October 9, 2023
Moove, a mobility financial technology (fintech) company, has rolled out a R284 million investment, which it pledged at the fifth South African Investment Conference that was hosted by President Cyril Ramaphosa in April 2023.
As an impact driven fintech, Moove exists to provide financial services to those who are unbanked or underserved by traditional lenders, so they can obtain revenue-based financing and access a path to asset ownership and financial stability. It does this by embedding its alternative credit scoring technology onto ride-hailing, logistics, mass transit, and instant delivery platforms, using proprietary performance and revenue analytics to underwrite customers that have previously been excluded from financial services.
“The pledged amount of R284 million was invested in the purchase of more than 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,” says the Managing Director of Moove South Africa, Mr Warren Peters.
Peters adds that the initial investment created over 2 000 jobs across mobility entrepreneurs, Moove employees, and the technical resources employed 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,” adds Peters.
According to Peters, this investment allows Moove to offer financial inclusion to mobility entrepreneurs. It creates opportunities for deserving South Africans who are currently excluded from access to certain financial services, and who aspire to become mobility entrepreneurs and asset owners.
Moove operates in various cities across Africa, Middle East, Europe and India. These include Lagos, Cape Town, Johannesburg, Dubai, Hyderabad, Bangalore, Mumbai and London.
Moove South Africa Managing Director, Mr Warren Peters.
Bongani Lukhele – Director: Media Relations
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Issued by: The Department of Trade, Industry and Competition (the dtic)
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