The world’s first mobility fintech, Moove, which is also Uber’s largest vehicle supply partner in EMEA, has announced its launch in India. This is a part of their global expansion drive. Moove, which provides revenue-based financing to mobility entrepreneurs, has expanded from its African roots to Mumbai, Hyderabad, and Bangalore in India. The startup offers accessible vehicle financing exclusively to drivers on Uber’s platform. With this, Moove also aims to launch 5,000 CNG and electric vehicles within the first year. The long-term plan is to scale to 30,000 vehicles over the next five years. This will create sustainable work opportunities in a rapidly developing economy.
Moove’s Stroy And Its Future Aspirations
Founded in 2020, Moove was launched to enable easy access to vehicle ownership. The company uses its alternative credit scoring technology on ride-hailing platforms. It makes use of proprietary performance and revenue analytics to sponsor loans to drivers. These are drivers who have previously been excluded from financial services. The company also provides vehicle financing to mobility entrepreneurs to purchase brand new vehicles using a percentage of their weekly income.
In the past two years, Moove has enabled sustainable job creation and a path to asset ownership. The brand’s customers have completed over 5 million trips in Moove-financed vehicles across four countries. With over 600,000 drivers on Uber in India, the launch is the perfect opportunity for Moove to provide accessible financing to thousands of drivers. This revenue-based vehicle financing model enables the sustainable creation of jobs.
The key target countries are where there are some of the lowest vehicle ownership rates in the world. Thus with better access to credit, Moove and Uber aim to solve this problem for new customers in India. Initially, Moove’s innovative platform will start in Mumbai, Hyderabad and Bangalore. Then there are also plans to scale up to many more cities over the next five years.
This innovative platform will greatly help drivers who want to get into the business of ride-hailing without needing to borrow from car owners or take bank loans to finance cars brought from dealerships. With the opening up of business in the post-Covid era, the timing of the launch of this service is also perfect. The brand also aims to be a global leader in the electrification of ride-hailing and mobility. The commitment is to ensure that 60 per cent of the vehicles it finances globally are hybrid or electric.
Also read: Uber corporate shuttle service launched in India.
