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Moove

Moove Africa is a vehicle finance startup that works with ride-hailing drivers and mobility entrepreneurs across Africa. Moove says it’s working to make vehicle ownership more affordable for the average African driver. It’s also creating new products and services, including a new line of fuel-efficient cars. And it’s expanding to more African cities.

In its first year, Moove has financed over 850,000 Uber trips and moved into seven African cities, including Accra and Lagos. The company plans to expand into other markets in the coming months.

The startup has received funding from several major players. In August, Moove had 12,900 pre-approved sign-ups. Overall, the company has raised $174.5 million in equity and debt financing. Iyinoluwa Aboyeji, co-founder of Flutterwave and Andela, has been a key partner at Moove.

Float

Float is a financial start-up based in Ghana and Nigeria. It’s aimed at small and medium-sized businesses, with the mission of providing millions of African businesses with a more flexible working capital. The Float platform includes a plethora of services, including the ability to open a business account, a spend card, an invoice advance and even an instant payout option.

Float’s business model has received an endorsement from Tiger Global. Their investment in the startup is valued at $1 billion by late 2021. This will likely only be the first of many investments that Tiger Global makes in the fintech space.

Float will use this new capital to improve its cash management platform, while also setting up entities in Kenya and South Africa. Float has already onboarded hundreds of businesses in just seven months, with a 26x increase in payment transaction volume.

IROKO

IROKO Africa was a relatively small fish in a big pond. Its most memorable achievement was making the top of the heap in the consumer internet ecommerce space. For a brief spell in late 2013, it had the dubious distinction of being the largest online retailer in the world. The IROKO empire was a short lived aberration. After the company sold off a few of its smaller businesses, it was on to the next chapter.

Tiger Global was not shy about getting in on the action. In a single year, the company invested $170 million in a few of the most promising startups on the continent. While it has not had a particularly high profile in Africa, the company has played a prominent role in many of the fintech unicorns of our time. A few notable bets include Flutterwave, Konga, and Cred. As of writing, the VC has deployed more than 450 checks across the African continent.

 

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