Moove strikes Uber deal to finance EVs for London drivers
African-founded motoring fintech Moove is partnering with Uber UK to supply electric vehicle (EV) financing to London’s Uber drivers.
It comes as part of Moove’s expansion into the UK, with the company aiming to put 10,000 EVs on the streets of London by the end of 2025.
Moove provides revenue-based vehicle financing in industries such as logistics, instant delivery platforms and ride-hailing.
“Our aim at Uber is to become a 100% electric platform in London by 2025 and we understand that drivers need access to financing if they want to make the transition to an electric vehicle,” said Andrew Brem, general manager, Uber UK.
In addition to the EVs, Moove is launching its EV charging app for ride-hailing drivers, Moove Charge.
The EVs will be provided by Moove for a flat weekly charge that includes maintenance, MOT, vehicle insurance and health insurance without the requirement of credit checks, upfront costs or deposits.
Founded by Ladi Delano and Jide Odunsi, Moove was launched in 2020 in Lagos, Nigeria. It now operates in nine markets in sub-Saharan Africa and India. In March, it raised $105m in VC funding.
Ladi Delano, co-founder and co-CEO of Moove, said: “This also marks a milestone of firsts for us; as we are excited to be launching with our first 100% EV fleet. We are thrilled to be expanding our partnership with Uber to drive our commitments towards the electrification of mobility.”
Uber says that London is already home to 6,000 EVs, the highest of any Uber location globally.
“Moove’s model will help more Uber drivers switch to pure electric faster, to reduce their running costs and help clean up London’s air,” added Brem.
Uber drivers can lower their payments using Uber’s Clean Air Plan, which provides support for switching to an EV, Moove said.
Uber is also working with electric vehicle maker Arrival on an electric car designed for the ride-hailing industry.
This comes after plans last week were unveiled for 1,000 new electric chargers to be installed across the UK in a £20m government plan.
Competitors in the motoring fintech space include Carmoola.