Metro Africa Xpress (MAX), a Nigerian mobility financing startup, has raised $24 million in a combined equity and debt funding round, marking a major step in its shift toward cleaner mobility solutions across Africa.
According to a Tech Cabal report, the company disclosed that the funding involved equity participation from Equitane DMCC, Novastar, Endeavor Catalyst, and Endeavor Catalyst, alongside asset-backed debt from the Energy Entrepreneurs Growth Fund (EEGF) and other development finance partners.
The fresh funding comes as MAX reshapes its offerings to focus more on electric vehicles and clean energy-powered transport systems. The company said the new capital will enable it to scale its electric vehicle fleet, expand battery-swapping and clean energy infrastructure, strengthen its proprietary fleet management and IoT systems, and support regional expansion across West and Central Africa.
According to MAX, the funding will also help it pursue its target of supporting 250,000 drivers by 2027 while exceeding $150 million in annual recurring revenue. The company sees these goals as achievable as demand grows for cost-effective and cleaner transport options across major African cities.
Speaking on the funding raise, MAX chief executive officer, Adetayo Bamiduro, said the capital will help the company move faster and deepen its clean energy footprint on the continent.
“This capital allows us to scale faster, deepen clean energy infrastructure, and build a truly pan-African mobility platform that expands access, lowers costs, and delivers durable impact,” Bamiduro said.
MAX also confirmed that it has reached profitability in Nigeria, a market where only a small number of mobility and asset-financing companies have reported strong revenues and improving unit economics.
“Profitability in Nigeria proves that electric mobility in Africa is not a future concept. It is viable, scalable, and investable today,” Bamiduro added.
This milestone places MAX among African mobility-focused companies that have demonstrated sustainable business models in difficult operating environments.
Before this latest round, MAX raised $31 million in a Series B funding round in 2021. The round was led by global private equity firm Lightrock and UAE-based Global Ventures, and supported expansion across Africa and the development of electric vehicle infrastructure, including vehicle financing credit to more than 100,000 drivers.
The company also raised institutional debt for driver financing before the Series B, totaling more than $40 million, and used bonds and earlier venture funding to expand operations.
The latest funding round reflects growing investor confidence in MAX’s transition from a conventional vehicle financing company into an integrated electric mobility platform. This shift aligns with broader developments in Africa’s electric vehicle ecosystem, where volatile fuel prices are making electric two- and three-wheelers more commercially attractive.
About MAX
MAX was founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh to offer integrated and collateral-free vehicle subscription packages that include low- to zero-emission vehicles, healthcare, insurance, maintenance services, and eHailing subscriptions.
About a year ago, the company pivoted fully to electric vehicle financing and reduced its workforce by roughly 150 employees, representing about 30% of its staff at the time, as part of a broader business reset.
As part of this reset, MAX introduced cost-saving measures such as reduced energy and generator usage at its offices and exited less profitable business verticals to improve efficiency and capital discipline.
The company now operates an assembly facility in Ibadan with the capacity to produce up to 3,600 vehicles per month, covering both two- and three-wheel electric vehicles.
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