Tech in Africa
Lori Systems, a leading e-logistics company has partnered with Africa mobility fintech Moove to provide versatile financial services that bridge the gap in truck financing for transporter companies and individual drivers. This is the first foray by Moove into the logistics sector, as it capitalizes on its growth in the car financing sector over the past 15 months.
Moove leverages its revenue-based financing model to bridge financial gaps across one of the continent’s most heavily fragmented sectors. The partnership between Moove and Lori Systems looks to deliver access to affordable vehicle financing across Africa’s trucking and logistics industries where truck financing is less than 1 percent.
A combination of Moove’s revenue-based financing model and credit scoring technology alongside Lori’s data-driven logistics marketplace ensures both companies increase their transport capacity to match the demand across East and West Africa.
The Kenya launch will be followed by a future rollout in Nigeria where the same revenue-sharing and credit scoring model similar to the one Moove has adopted with Uber, will be adopted. Loans will be granted to a pool of highly rated and vetted transporters operating on the Lori platform. There will further be drive-to-own schemes for truck drivers.
Ladi Delano, CEO of Moove pointed out that, “recorded significant progress in driving further efficiency in the African logistics industry” going further to affirm that Lori’s efforts to leverage data-driven and tech-enabled solutions “much aligns with our mission.”
Lori Systems launched in 2017 and has built a network of thousands of connected transporters moving cargo across 12 countries. Moove was founded by Ladi Delano and Jide Odunsi in 2019 and has achieved over 1 million Uber trips in Moove-financed vehicles. Moove has thus far raised $68.2 million to date and is backed by leading investors Speedinvest, Left Lane Capital, and global players such as the International Finance Corporation.
