Mobility fintech Moove raises $30 million from debut sukuk for UAE expansion

Mobility fintech company Moove, which is also Uber’s largest vehicle supply partner in EMEA, is raising $30 million from a debut sukuk issuance arranged by Franklin Templeton Investments (ME) Ltd, so that it can build what it hopes will be the largest EV ride-hailing fleet in the MENA region.
Mobility fintech Moove raises $30 million from debut sukuk for UAE expansion
Courtesy of Moove.

A sukuk is a financial instrument resembling a bond that is compliant with Islamic sharia law and is therefore often used in Islamic finance. The successful completion of this debut sukuk will allow Moove to tap into the wealth of Islamic investors who are particularly interested in environmentally and socially responsible investments, aiming to open-up further avenues for the financing of Moove's ambitious expansion plans.

The issuance of the sukuk has been privately placed and structured as a sukuk al- istisna, a Shari'ah compliant contract for the order to manufacture EVs.

“This financing is a milestone for Moove - our first sukuk issuance which showcases our growth and sustainability as a global company” said Ladi Delano, co-founder and co-CEO of Moove. “Equally important is that this furthers our mission to build the biggest EV ride-hailing fleet in the region, to drive forward mobility electrification and enable cities to reach their net-zero targets.” 

Moove will use the funds to scale to 2,000 EVs in the UAE over the coming year, creating sustainable economic opportunities, whilst accelerating the electrification of mobility and enhancing the ride-hailing passenger experience in the region. Moove estimates that this fleet of EVs will contribute to a reduction of over 5,000 metric tonnes of carbon dioxide emissions per year to help cities like Dubai meet their ambitious Net Zero targets.

Mohieddine Kronfol, CIO, Global Sukuk and MENA Fixed Income, Franklin Templeton, added that the company is pleased to lead the sukuk transaction, which complements its global sukuk and Sharia compliant private market strategies, while supporting the development of mobility and fintech ecosystems in the UAE initially, followed by more markets in the future.

“The transaction also further validates the opportunity we have been arguing exists in private credit across the region, combining attractive yields with security and credit control” said Mr Kronfol. “We wish Moove's management team much success and look forward to seeing their cars on the road, as well as the social and environmental impact their business can have on our region.”

As part of its launch in the UAE, Moove will be rolling out its EV charging app, Moove Charge. Having initially launched in London in August, Moove Charge is the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers. 

It allows users to locate charge points, display charge points compatible with their vehicle, show charge point availability in real-time, filter by charge speed, start and stop charging and wallet functionality. With a commitment to ensuring that at least 60 percent of the vehicles Moove finances globally are EVs, the company is working with partners within the value chain across the MENA region to facilitate this transition in locations where charging infrastructure remains limited. 

Moove’s entry into UAE follows a year of significant growth and expansion for the firm. Moove launched in Europe for the first time in August when it launched a 100 percent EV rent-to-buy model in London. The company also launched in India and will launch 5,000 CNG and EVs across Mumbai, Hyderabad and Bangalore in its first year to help create sustainable work opportunities in the developing economy. 

Over the past two years, Moove has enabled sustainable job creation and a path to asset ownership with its customers having completed over 11 million trips in Moove-financed vehicles. This is down to Moove’s alternative credit scoring technology which unlocks access to vehicle financing for gig worker customers who may have previously been excluded from financial services.

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