More African-based startup companies have raised funds past its pre-seeding stage. The likes of Metro Africa Xpress Inc; MAX, got a $31M Series B deal and are ready to use the funds to push its expansion scheme across Africa serving digitized transportation across the continent.
The African-based mobility tech industry is currently on a booming streak with the Nigerian-owned MAX. The Nigerian mobility tech company schemes to support over a hundred thousand drivers — extending credit facilities to drivers willing to personalize vehicles.
Metro Africa Xpress also revealed its intent to assist drivers with extra credit is a two-year scheme dedicated to improving the African mobility sector. The $31M deal MAX acquired will push its expansion scheme across other countries within Africa — targeting French-speaking countries as its major marketplace for a start point to commence expansion.
Metro Africa Xpress’s agenda to influence the African nobility industry is scheduled to begin next year. MAX highlighted both the Egyptian and the Ghanaian community will be the first African market to experience digital transportation by 2022.
With a six-year experience influencing the Nigerian transport industry, MAX has reportedly evolved overtime per its accumulated data. The Nigerian-based mobility company came to the limelight serving customer delivery orders then evolved to serving hailing rides with motorcycles.
MAX transportation solution also created a close relationship with its drivers — MAX statistics proved 70% of the vehicles registered under its company were owned by third parties and not its drivers.
MAX developed a financial service to assist drivers in owning a vehicle in 2018 preventing affiliated drivers from crashing to absolute zero. Drivers’ access to vehicles has been a significant challenge MAX existence intends to resolve with the commercial banks the startup company consorted with to resolve vehicle ownership or purchase via MAX custom data to manage credit risks.
MAX’s $31M deal will continue to solve mobility challenges via its existing services. Nonetheless, MAX intends to introduce electric vehicles infrastructure in Africa — recall MAX started the EV initiative two years ago. The million-dollar funds’ MAX raised during its Series B funding will also bolster its EV initiative.