Moove, a mobility FinTech startup, raises $30 million from debut sukuk

Moove, a mobility FinTech startup, raises $30 million from debut sukuk

Moove, a mobility fintech startup, raises $30 million from a debut sukuk issuance arranged by Franklin Templeton Investments (ME). The startup will be launching and expanding its EV solutions to the UAE.

The issuance of the Shari’ah-compliant notes or “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. 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,” Ladi Delano, co-founder and co-CEO of Moove, said.

Moove will use the funds to scale to 2,000 EVs in the UAE over the coming year. The startup estimates that the EVs will contribute to a reduction of over 5,000 metric tonnes of carbon dioxide emissions per year.

As part of its launch in the UAE, Moove will be rolling out its EV charging app, Moove Charge which is an end-to-end charge experience and complete EV charging network app for ride-hailing drivers. 

Moove launched in Europe in August when it launched a 100% 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.

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