(Ecofin Agency) - NBK Capital Partners has made its first investment in sub-Saharan Africa. In a Feb. 1 announcement, the UAE-based investment firm said it has closed a $10 million financing facility with Moove Africa. The beneficiary is a fintech that finances vehicle purchases for individuals in Africa.

The deal was executed by NBK Capital Partners' second mezzanine fund. “This investment brings our total funding raised to date to $78m and will fuel our continued growth trajectory as we expand our regional operations to empower more mobility entrepreneurs. We are grateful to be working with a firm that supports our vision to build the first mobility fintech for African markets, tackling the problem of lack of access to credit for millions,” said Ladi Delano, co-founder, and CEO of Moove Africa.

This transaction marks the sixth investment by NBK Capital Partners Mezzanine Fund II, which provides capital in the form of mezzanine financing to companies operating in consumer-focused sectors in North Africa and the Middle East (Mena). As a reminder, Moove Africa secured $23 million in Series A financing five months ago. The company is already present in Ghana, Nigeria, South Africa, and Kenya, and plans further expansion across the continent.

Chamberline Moko