UK Firm invests $20m in Nigerian FinTech Company

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British International Investment (BII), the UK government’s Development Finance Institution (DFI), formerly known as CDC Group, introduced its new name and announced a US $20 million, 4-year structured credit investment in Moove – a mobility fintech democratising access to vehicle ownership in Africa.

To celebrate the unveiling of BII’s new name and reaffirm the DFI’s ongoing ambition to scale up investment that will boost important economic sectors in Nigeria, H.E. Catriona Laing CB, the British High Commissioner to Nigeria, and Nick O’Donohoe, the organization’s CEO, co-hosted a business reception in Lagos on Tuesday.

The event, which brought together important business figures and BII’s investment partners from all around the nation, was hosted at the residence of the British Deputy High Commissioner in Ikoyi.

The leadership of BII outlined the organization’s strategy for delivering productive, sustainable, and inclusive investment and committed to deepening its capital commitments to support the growth of more ground-breaking Nigerian companies offering progressive solutions to urgent and complex development challenges.

“It’s a pleasure to be in Lagos to mark the launch of British International Investment and to host Nick O’Donohoe during his visit to Nigeria,” British High Commissioner, H.E. Catriona Laing CB said.

“BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular, to achieve clean, green growth,” Laing CB added.

He stated that the establishment of BII represents the continuation of this collaboration and that they anticipate seeing BII’s assistance grow and change in Nigeria.

O’Donohoe made a comment about how BII’s investment in the first mobility fintech in the world is being driven by its new five-year plan.

“Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise. In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry,” he said.

“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers,” he added.

By offering revenue-based vehicle financing and financial services to mobility businesses, Moove is democratizing access to vehicle ownership. The mobility fintech integrates its alternative credit scoring technology onto ride-hailing, e-logistics, and instant delivery platforms and uses proprietary performance and revenue analytics to underwrite car loans to empower those who are typically excluded from financial services.

Since its debut in 2020, Moove has rapidly increased its activities within Nigeria and entered additional African markets, such as Ghana, Kenya, Uganda, and South Africa, as well as markets in Europe, the Middle East, and Asia.

“We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs,” Ladi Delano, co-founder and co-CEO at Moove, said.

“With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment,” Delano expressed.

With a portfolio of roughly $570 million USD through more than 100 companies and 43 funds, which will support nearly 45,000 employment nationwide in 2020, Nigeria is the BII’s largest investment market in Africa.

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