On today's episode of the Techpoint Africa Podcast, African tech developments are in focus, highlighting significant expansions and acquisitions within the continent’s startup ecosystem.
First on the conversation is Moove, a Nigerian startup that supports ride-hailing companies by financing vehicles, is making a notable move into the U.S. market. Moove, which is backed by Uber, is recruiting for key positions in Los Angeles and California, including a managing director and a head of debt capital markets.
These roles are crucial for fundraising and structuring deals as part of the company’s strategy to reach profitability by 2025. Founded by Ladi Delano and Jide Odunsi, Moove's expansion was announced alongside a $100 million funding round from Uber and other investors in March 2024.
Moove's strategy for its U.S. expansion is to focus on financing electric vehicles (EVs), mirroring its approach in other markets like the UAE, where it operates a fully electric fleet. The company also has EV operations in the U.K. and is planning to introduce over 20,000 EVs for Uber in India.
This expansion is part of Moove's broader goal to enter six additional countries by 2025. In the U.S., the startup aims to overcome challenges faced in Nigeria due to economic instability, leveraging the more stable U.S. economy and credit systems. However, it remains to be seen if Moove will adjust its business model for the new market.
In another significant development, Risevest, a Nigerian fintech company, has acquired Hisa, a Kenyan investment startup, with the approval of Kenya's Capital Markets Authority. This acquisition will enable Risevest to broaden its operations into Kenya.
Under the deal, Hisa will retain its brand, team, and operational structure, while Hisa’s CEO Eric Jackson will transition to Chief Technology Officer, co-founder Eric Asuma will become Strategy Advisor, and Leah Njoroge will assume the role of Head of Operations, reporting to Risevest’s CEO Eke Urum.
Despite the acquisition, no major changes are expected in Hisa’s operations. Risevest aims to integrate and understand Hisa’s company culture and market dynamics, with possible future hiring to bolster the expanded team. The transaction, involving both stock and cash, is aligned with the objective of enhancing investment opportunities across Africa.
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These updates reflect the dynamic nature of the tech industry in Africa, with startups like Moove and Risevest making strategic moves to scale their operations and impact across the continent and beyond.
You can catch up on the conversation on Google Podcasts, Apple Podcasts, Spotify, YouTube, and anywhere you get your podcasts. You can also send your questions and observations to podcast@techpoint.africa or share your thoughts using the hashtag #TechpointAfricaPodcast.
