The American mobility service company Uber Technologies Inc. is reported to collaborate with a startup in financial technology to add 10,000 more electric vehicles to London over the following few years, according to Bloomberg.
Moove, the Nigerian mobility fintech company, has already launched in nations like India and Nigeria and is now expanding its vehicle finance business to the UK.
It is notable that in several continents, including Europe, the Middle East, and Africa, Moove is already Uber’s top vehicle supply partner.
In retrospect, Amsterdam-based Moove was launched in 2020 by Ladi Delano and Jide Odunsi. Since then, the startup company has generated over $200 million. Impressively, it has also gained the support of various investors, such as the UK government’s British International Investment arm.
Interestingly, it uses an alternate underwriting approach to make it simpler for gig workers in the food delivery and ride-hailing industries to obtain a vehicle without a down payment or credit check.
According to Co-Chief Executive Officer Delano, Moove also sees increased demand for its electric vehicles despite the soaring energy cost. He also stated that The Model 3 from Tesla Inc. is the most popular car model financed by Moove.
“A lot of our customers are already in fuel-guzzling vehicles and we’re now moving them into EV vehicles at a very low cost of switching,” he said. “The result of rising prices has actually led to a very high demand for our product.”
In London, Uber presently lists more than 6,000 electric vehicles on its app, which is 13% of all the cars it operates there.
Generally speaking, it is truly incredible to see Uber contributing to the movement towards a cleaner, greener future and demonstrating what can be accomplished when the public and private sectors collaborate on the country’s transition to electric vehicles.
