Moove, a mobility fintech company, has rolled out a R284 million investment, which it pledged at the fifth South African Investment Conference hosted by President Cyril Ramaphosa in April 2023.
As an impact driven fintech, Moove provides financial services to the unbanked or consumers who are 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.
Moove South Africa Managing Director Warren Peters said 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,” Peters said.
Peters said the initial investment created more than 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,” Peters said.
The investment, Peters said, 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 cities across Africa, the Middle East, Europe and India, from Lagos, Cape Town, Johannesburg and Dubai to Hyderabad, Bangalore, Mumbai and London. – SAnews.gov.za
