Nigerian mobility financing startup Metro Africa Xpress has raised $24 million in a combined equity and debt funding round as it accelerates its transition to cleaner mobility solutions across Africa.
The company disclosed that the round attracted equity participation from Equitane DMCC, Novastar and Endeavor Catalyst, alongside asset-backed debt from the Energy Entrepreneurs Growth Fund and other development finance partners. The fresh capital comes as MAX deepens its focus on electric mobility and clean energy infrastructure.
According to the company, the funding will be used to expand its electric vehicle fleet, roll out battery-swapping and clean energy infrastructure, strengthen its proprietary fleet management and Internet of Things systems, and support regional expansion across West and Central Africa. MAX said the investment will also support its goal of enabling 250,000 drivers by 2027 and surpassing $150 million in annual recurring revenue.
The company’s chief executive said the funding positions MAX to scale faster while delivering long-term impact through affordable and sustainable transport solutions. He noted that reaching profitability in Nigeria demonstrates that electric mobility on the continent is no longer theoretical but commercially viable and attractive to investors, even in challenging operating environments.
MAX confirmed that it is profitable in Nigeria, placing it among a small group of mobility and asset-financing players in the country that have reported improving unit economics and strong revenues. This milestone strengthens its credibility as it seeks to build a pan-African electric mobility platform.
Before this round, the company raised $31 million in Series B funding in 2021 to support expansion and electric vehicle infrastructure development, alongside more than $40 million in institutional debt for driver financing in earlier years. Over time, MAX has also used bonds and venture funding to grow its vehicle financing operations.
Founded in 2015, the company initially focused on collateral-free vehicle subscription packages for drivers, covering financing, insurance, maintenance and related services. About a year ago, it completed a full pivot to electric vehicle financing, accompanied by cost-cutting measures and a workforce reduction as part of a broader operational reset aimed at efficiency and capital discipline.
MAX now operates an assembly facility in Ibadan with the capacity to produce up to 3,600 two- and three-wheel electric vehicles per month. The latest funding reflects growing investor confidence in its evolution from a conventional vehicle financing business into an integrated electric mobility platform, at a time when volatile fuel prices are making electric transport options increasingly attractive for African drivers and small transport operators.
