Startup: Moove secures $105m funding, to expand to Europe, Asia, Middle East

As part of efforts to expand its operations to Europe, Asia and the Middle East, a Nigerian startup, Moove has secured more than $100m (£77m) in funding.

Moove was founded in 2020 to helps taxi and delivery drivers buy cars.

It operates in six African cities where ride-hailing apps have led to soaring customer demand for transport, but a lack of drivers with cars to provide the service.

In Africa, fewer than 5% of vehicles are bought through financing schemes, a far lower proportion than elsewhere in the world.