As part of its global expansion, Moove, the first mobility fintech in the world and Uber’s largest car supply partner in EMEA, has announced that it will launch in London.
Moove is a company that started in Africa and has a growing number of mobility entrepreneurs as customers all over the world. It has just made its debut in Europe with a 100% EV rent-to-buy model that lets people use brand-new, zero-emission vehicles for a fixed weekly cost. With plans to grow up to 10,000 vehicles by the end of 2025, Moove wants to be the largest electric vehicle (EV) partner on Uber’s platform in London, creating long-term income opportunities and helping the city meet its net zero carbon emissions goals.
With more EVs on the platform than any other Uber city, London leads the world in electrification initiatives. The introduction of Moove in London will help Uber move closer to its objective of having an all-electric platform in the city by 2025. Customers of Moove can seek to lower the cost of their vehicle through Uber’s £145 million Clean Air Plan.
Vehicle financing is being used to transform gig economies for mobility
In order to democratize access to automobile ownership, Ladi Delano and Jide Odunsi, Nigerian entrepreneurs of British descent, founded Moove, which went live in Lagos, Nigeria, in 2020. Moove is leading the charge in the “mobility fintech sector,” a white space it created and which is addressing the issue of limited access to vehicle financing for millions of gig workers across the ride-hailing, logistics, and instant delivery sectors, of which there are approximately 4.5 million in the UK alone. Moove has now scaled to nine markets across sub-Saharan Africa and India.
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With Moove’s alternative credit scoring system, customers who might not have been able to get financial services before can now finance a car. Moove has enabled sustainable employment creation and a road to asset ownership, with its customers having made over 7 million journeys in Moove-financed automobiles over the previous two years.
Following its recent launch in India, the company is now bringing its impact-led model to the UK as part of its global mission to close the finance gap for gig workers who work on the move. This is its first expansion into Europe.
The goal of Moove’s new way of financing cars in London is to give its customers quick access to brand-new, zero-emission vehicles without credit checks, upfront fees, or deposits. As part of Moove’s plan to improve safety through ongoing training and vehicle maintenance, the company offers value-added services like regular maintenance, an MOT, and car insurance. The weekly price for Moove customers includes health insurance and gives them access to a customer success team. This is something that no other business that is part of Uber’s Clean Air Plan can do.
Also, Moove users who drive for Uber can lower their weekly payments by using the money they earn through Uber’s Clean Air Plan to help pay for the cost of switching to an EV. Over £145 million has been raised for Uber’s Clean Air Plan of about £3,000 per driver. Moove says that the 10,000 electric cars it plans to fund in London by 2025 will help cut carbon dioxide emissions by about 63,000 megatonnes per year.
“We are happy to have created a business in Africa to now be able to scale our model here in Europe, which is something that no other African fintech company has done before,” said Ladi Delano, co-founder, and co-CEO of Moove. We are proud to launch our first 100% EV fleet, representing a significant first for us. We are overjoyed to extend our collaboration with Uber to advance our goals of electrifying transportation.
“Our goal at Uber is to become a 100% electric platform in London by 2025, and we recognize that drivers need access to financing if they want to switch to an electric vehicle,” said Andrew Brem, general manager of Uber UK. With Moove’s strategy, more Uber drivers can make the conversion to all-electric vehicles more quickly, saving money on fuel and contributing to cleaner air in London. Our collaboration with Moove will benefit drivers and riders when demand from riders is higher than ever.
Uber Green, Uber’s service for electric vehicles only, is now available in all of London. This means that millions of users in the city can reserve an EV on-demand for the same price as an UberX. EV drivers make 15% more money on Uber Green trips and save money on costs and fees compared to drivers of gasoline and hybrid vehicles.
Promoting the electrification of transportation
Moove solves many of people’s problems when switching from a gas- or diesel-powered car to an electric one. Aside from price, worries about charging infrastructure and the inability to get to charge points are among the biggest reasons people don’t buy EVs.
Moove has released Moove ChargeTM, the first end-to-end charge experience and full EV charging network app specifically for ride-hailing drivers, to streamline the charging process. With over 6,600 slow, fast, and quick charge points, one of London’s largest roaming networks may be searched for, managed, and paid for by Moove consumers.
The app, which comes with an RFID electric car charging card, is an all-in-one solution that brings together charge points from 15 charge-point network partners. This saves users about 12% of the average yearly cost of charging an electric vehicle.
Other features include a dynamic spending cap tool that helps Moove customers better manage their budgets and cash flow and the ability to search for charge points based on how well they work with their vehicle, how fast they charge, and how well they work with their vehicle, how fast they charge, and many are available.
Overall, this leads to more electric vehicles being on the road and shorter wait times for Uber’s expanding customer base, improving the experience for both drivers and customers.
