Metro Africa Express (MAX), a Nigerian mobility technology startup has reportedly raised a capital of $31 million in a Series B investment round. The firm aims to expand its presence in more African markets as it continues to establish the transportation sector.
As per credible sources, the funding will focus on expanding vehicle financing credit to beyond 100,000 drivers in the upcoming two years. The funding will also enable MAX to dig its roots in Egypt and Ghana by next year along with expanding to Francophone, East and Southern Africa by the end of 2022.
Adetayo Bamiduro, CEO and Co-Founder of MAX stated that the capital raised will assist the company to continue the process of transforming lives of thousands of drivers throughout the African continent along with speeding up the international expansion and enduring the ground-breaking initiatives in the mobility industry.
For the uninitiated, the corporation started off as a delivery startup back in 2015 and used to complete orders through motorbikes. The firm progressed into a ride hailing service and also served as a vehicle subscription firm and financing service provider later.
Guy-Bertrand Njoya, Chief Financial Officer realized that most of the drivers at startup’s don’t own the automobiles they use. He continued that the most common issue faced by drivers is continuous access to vehicles.
Njoya added that the only way to successfully resolve the problem of access to mobility throughout the continent is by addressing the subject of access to vehicles.
As per reports, MAX is aiming to build electric vehicle (EV) set-up as it develops and roll out EVs to its customers.
About Metro Africa Express (MAX)
MAX is an advanced technology enabled firm run by a vision to resolve the issues of mobility in Africa. It focuses to making mobility safe, affordable, sustainable and accessible by using top-notch technologies and operators.
Source credit:- https://www.pymnts.com/news/investment-tracker/2021/nigerian-mobility-tech-startup-metro-africa-xpress-nets-31-million-expansion/