Uber Introduces Mobility Fintech Moove to India to improve Driver Ecosystem
Uber announced it would bring Moove, its largest vehicle supply partner in Europe, the Middle East, and Africa (EMEA), to India to enable people to buy new vehicles using a percentage of their weekly earnings and become its driver-partners, beginning in Mumbai, Bengaluru, and Hyderabad.
Moove, a mobility fintech company founded in 2020, integrates its alternative credit scoring algorithm into ride-hailing platforms and employs its performance and revenue analytics to approve loans to drivers who were previously excluded from financial services.
In India, Moove hopes to introduce 5,000 CNG and electric vehicles in the first year and 30,000 over the next five years.
Abhilekh Kumar, Director, Business Development, Uber India South Asia, said:
"Moove has created an innovative ‘rent to own'' model that provides a flexible option for drivers who want to get into the business of ride-hailing without having to borrow from car owners or take bank loans to finance cars brought from dealerships."
"The addition of new cars will help provide superior customer experience to riders while creating sustainable earning opportunities for drivers on the Uber platform," Kumar added.
The company secured $105 million to expand into new Asian and European markets.
With over 600,000 Uber drivers in India, the launch will enable Moove to provide affordable finance to tens of thousands of drivers.
Ladi Delano, co-founder and co-CEO at Moove, said:
"We're excited to be expanding our revenue-based vehicle financing model to enable the sustainable creation of jobs across the country, where there are some of the lowest vehicle ownership rates in the world, in part because of the lack of access to credit."
Moove intends to be a global leader in the electrification of ride-hailing and mobility by ensuring that 60 per cent of the vehicles it sponsors worldwide are hybrid or electric.