Sep 1, 2022 - 02:19 pm

Low-cost EV financing for Uber drivers through Moove

The Nigerian fintech company says this will put up to 10,000 EVs into the hands of drivers.

Moove, an African-born fintech start-up, has struck a deal with Uber in London. Moove will provide Uber drivers with electric vehicles through its latest rent-to-buy model. Moove aims to be the largest EV partner on Uber’s platform in London, with plans to scale to 10,000 cars by the end of 2025.

There are 6,000 EVs available on Uber in London, more than in any other cities the company is active in. This is due to the British capital having one of the world’s strictest and most expensive low emission zones – and it is widening.

Still, electric cars remain expensive for so-called gig workers and in high demand—cue in Moove. Founded in Nigeria in 2020, they say their service would help put 10,000 additional EVs on London’s roads and rent them out to Uber drivers for a flat weekly fee. The company also claims an easy sign-up process with no credit checks, upfront costs, or deposit needed.

Andrew Brem, general manager at Uber UK, said: “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.”

Uber already, in 2017, had asked drivers to have at least a hybrid, if not an all-electric car, if they were to offer their services in London as UberX. Back then, drivers would receive up to 5,000 pounds and money if they scrapped their diesel, and the company launched the Clean Air Plan.

Moove is part of the latter and says its product offering was unmatched by any other company partnered with Uber’s Clean Air Plan.

They will also launch Moove Charge, an EV charging app specifically for Uber drivers, giving them access to 6,600 charge points. It is unclear who Moove is working with.

Uber’s EV service nowadays runs globally under Uber Green. The ride-hailing service launched Uber Green in London in 2021, allowing users in central London to request zero-emission vehicles.

Moove says its “alternative credit scoring technology” provides access to vehicle financing to gig worker customers who may have previously been excluded from financial services. Over the past two years, Moove customers have completed over seven million trips in Moove-financed vehicles in nine markets across sub-Saharan Africa and India.


Leave a Reply

Your email address will not be published. Required fields are marked *

Found on
01.09.2022 14:15