FINANCIAL MANAGEMENT, FINTECH
Moove | September 02, 2022
Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in EMEA, is announcing its launch in London as part of its global expansion.
Moove, an African-born startup with a growing global customer base of mobility entrepreneurs, has launched in Europe with a 100% EV rent-to-buy model that provides access to brand new, zero-emissions vehicles for a flat weekly fee. Moove aims to be the largest EV partner on Uber’s platform in London with plans to scale to up to 10,000 vehicles by the end of 2025, creating sustainable earnings opportunities and contributing to the city’s net zero carbon emissions goals.
London is the global leader for Uber’s electrification efforts with over 6,000 EVs on the platform – the most of any Uber city. Moove’s London launch will enable Uber to progress towards its goal of becoming an all-electric platform in the capital by 2025.
“We are proud to have built a business in Africa to now be able to scale our model here in Europe, which is something that no other African fintech company has done before. This also marks a milestone of firsts for us; as we are excited to be launching with our first 100% EV fleet. We are thrilled to be expanding our partnership with Uber to drive our commitments towards the electrification of mobility.”
-Ladi Delano, co-founder and co-CEO at Moove
Transforming mobility gig economies through vehicle finance
Founded by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove launched in Lagos, Nigeria in 2020 to democratise access to vehicle ownership. Having now scaled to nine markets across sub-Saharan Africa and India, Moove is leading the charge in the ‘mobility fintech sector’, a white space it created and which is solving the challenge of limited access to vehicle financing for millions of gig workers across ride-hailing, logistics, and instant delivery sectors, of which there are around 4.5 million in the UK alone.
Moove’s alternative credit scoring technology provides access to vehicle financing to gig worker customers who may have previously been excluded from financial services. Over the past two years, Moove has enabled sustainable job creation and a path to asset ownership with its customers having completed over 7 million trips in Moove-financed vehicles.
In London, Moove’s innovative approach to vehicle financing is designed to empower its customers with access to brand new, zero-emission vehicles with an easy sign-up process as well as no credit checks, upfront costs, or deposit needed. Other services include regular maintenance, MOT, vehicle insurance, health insurance and a dedicated customer success team, a product offering not matched by any other company partnered with Uber's Clean Air Plan.
In addition, Moove customers driving with Uber can reduce their weekly payments by using funds raised through Uber’s Clean Air Plan to help them meet the cost of switching to an EV. Uber’s Clean Air Plan has raised over £145 million, equating to approximately £3,000 per driver. Moove estimates that the 10,000 EVs it plans to finance by 2025 in London will contribute a reduction of around 63,000 megatonnes of carbon dioxide emissions per year.
Andrew Brem, general manager at Uber UK, said: Our aim at Uber is to become a 100% electric platform in London by 2025 and we understand that drivers need access to financing if they want to make the transition to an electric vehicle. Moove’s model will help more Uber drivers switch to pure electric faster, to reduce their running costs and help clean up London’s air. With demand from riders higher than ever, our partnership with Moove will benefit drivers and riders alike.
Driving the electrification of mobility
Moove aims to solve many of the pain points facing its customers when switching to an electric car over a petrol or diesel-powered vehicle. Moove has launched the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers called Moove Charge™. The app enables Moove customers to locate, control, and pay for charging across one of the largest roaming networks in London, covering over 6,600 slow, fast and rapid charge points. Altogether, this provides a better and easier experience for drivers as well as riders as it enables more electric cars to be on the road and reduced wait times for Uber’s growing customer base.
Moove is an African-born global start-up and the world’s first mobility fintech, providing revenue-based vehicle financing and financial services to mobility entrepreneurs. By embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, Moove uses proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services.
FINANCIAL MANAGEMENT, FINTECH
State Street | November 21, 2022
State Street Corporation (NYSE: STT) today announced the launch of the firm’s new peer-to-peer financing platform, Venturi, specifically designed to connect buy-side firms with new sources of liquidity in the global repo space. Venturi, built through a partnership with FinOptSys, a cutting edge FinTech focused on the securities financing market, supports trade negotiations and enhances trade settlement and collateral management, allowing traders to better manage and diversify their counterparty exposure.
“As a result of elevated market volatility and the changing liquidity and rate environment, buy-side firms are increasingly seeking new and diversified sources of financing, We are excited to further expand our product suite with the launch of Venturi to help foster the growth of and scale the peer-to-peer marketplace. Akin to our 2005 launch of FICC’s Sponsored Repo Service, which has also provided our clients with critically needed liquidity solutions, we believe Venturi will empower our clients to discover new liquidity pools and make better, data-driven investment decisions. The launch of this platform – designed in large part through extensive development and feedback from our clients – is certainly a very noteworthy milestone for our business and the evolution of our peer-to-peer initiatives.”
-Gino Timperio, global head of Financing Solutions at State Street
Venturi was built to provide clients:
Increased Efficiency: Users negotiate economic terms of peer repo transactions on Venturi. A program master repo agreement streamlines the documentation process and supports ready scalability. Users may engage with any or all counterparties active on the platform.
Improved Flexibility: Venturi supports a flexible suite of eligible collateral and margin requirements.
Seamless Confirmation of State Street’s Guaranty to Repo Buyers: Venturi allows buy-side participants to seamlessly submit and confirm the repo transaction terms satisfy the criteria necessary for State Street to guarantee the repurchase price payment obligations of the repo seller to the repo buyer following a repo seller default. State Street’s short-term credit rating: A+/AA1.
Transparency of trade and margin call settlement: With links to State Street’s Collateral+ Triparty Solution for Peer-to-Peer Repo, Venturi displays confirmed trade matches, collateral valuation and margin calls, and collateral movements between counterparties.
In helping to centralize liquidity pools and enhance transparency, Venturi seeks to open up for the buy-side new trading opportunities, lower their transaction costs and improve their returns.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $35.7 trillion in assets under custody and/or administration and $3.3 trillion* in assets under management as of September 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 41,000 worldwide.
Ocrolus | September 13, 2022
Ocrolus, the document and data analysis platform empowering lenders to make faster, more accurate lending decisions, today announced the launch of Ocrolus Detect, a comprehensive fraud detection solution for lenders. Detect provides high-quality, decision-ready data that can help lenders minimize risk and prevent losses.
Lenders traditionally perform manual review of documents to inspect for file tampering, document manipulation, inconsistencies, and other suspicious activity. This time consuming, tedious, and error-prone process can result in significant losses. Ocrolus Detect automates fraud workflows, providing detailed signals and clear visualizations of fraudulent activity undetectable to the human eye.
"Detecting fraud is mission critical to our business, and Ocrolus is uniquely qualified to provide a comprehensive fraud solution with its focus on lending, Fraudulent behavior needs to be caught in our underwriting process and Detect has proven to be a highly effective insight tool for our team."
-Zack Whitaker, Risk Operations at AtoB, a fintech company modernizing payments infrastructure for trucking and logistics
Detect indicates where file tampering has occurred on a document, what fields were modified, and how they were changed to provide the necessary level of context for more informed lending decisions. Detect also visualizes file tampering on documents received and often can recover the original document for fraud analysts to easily spot the modified fields.
Ocrolus processes millions of lending documents weekly, which enables the company to train its machine learning models with a unique and nuanced understanding of file structure and key data. During a customer beta program, Detect accurately uncovered four times more potential fraud than a leading competitor.
As the lending industry shifts to digital loan application processes, fraud is rapidly increasing and becoming more difficult for humans to catch, Detect enables lenders to quickly and confidently process more loans by proactively providing them with clear and reliable fraud signals,said John Forrester, SVP of Product at Ocrolus.
Ocrolus is a document automation platform that powers the digital lending ecosystem, optimizing credit decisions in small business, mortgage, and consumer lending. The company provides document analysis infrastructure to customers like PayPal, Brex, SoFi, Blend, and Plaid. Ocrolus enables financial services companies to make high quality decisions with trusted data. By empowering lenders to automate financial analysis, Ocrolus helps borrowers access credit faster and on better terms. The company has raised over $100 million from blue-chip fintech investors.