Metro Africa Xpress (MAX), a Nigerian mobility financing startup, has secured $24 million in a combined equity and debt funding round to accelerate its expansion into electric vehicle (EV) financing and clean mobility infrastructure.
According to a report by Tech Cabal, the funding round included equity investments from Equitane DMCC, Novastar, and Endeavor Catalyst, alongside asset-backed debt provided by the Energy Entrepreneurs Growth Fund (EEGF) and other development finance partners.
The raise comes as MAX continues to reposition its business away from conventional vehicle financing toward a fully integrated electric mobility platform.
What the funding will support
MAX said the fresh capital will be used to expand its electric vehicle fleet, roll out battery-swapping and clean energy infrastructure, strengthen its proprietary fleet management and IoT systems, and drive regional expansion across West and Central Africa.
The company also reiterated its medium-term targets of supporting 250,000 drivers by 2027 and surpassing $150 million in annual recurring revenue, underscoring the scale of its ambitions within Africa’s rapidly evolving mobility sector.
Speaking on the funding, MAX co-founder and CEO Adetayo Bamiduro said the capital would help the company accelerate growth while deepening its clean energy footprint across 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.
Profitability milestone in Nigeria
MAX confirmed that it has reached profitability in Nigeria, a notable achievement in a market where few mobility and asset-financing startups have demonstrated strong unit economics and sustainable margins.
According to Bamiduro, the milestone shows that electric mobility in Africa has moved beyond experimentation. “Profitability in Nigeria proves that electric mobility in Africa is not a future concept. It is viable, scalable, and investable today,” he said.
This positions MAX among a small group of African mobility-focused companies that have successfully navigated high operating costs, infrastructure gaps, and currency volatility.
Previous funding and strategic shift
Before the latest round, MAX raised $31 million in Series B funding in 2021, led by Lightrock and Global Ventures, to support continental expansion and EV infrastructure development. The company has also raised more than $40 million in institutional debt for driver financing and deployed bonds and earlier venture funding to scale operations.
About a year ago, MAX undertook a major strategic reset, pivoting fully to electric vehicle financing and cutting roughly 30% of its workforce as part of a broader cost optimisation drive. The company exited less profitable business lines, reduced energy and generator usage, and tightened capital discipline to improve efficiency.
What you should know
Founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, MAX offers collateral-free vehicle subscription packages that bundle low- to zero-emission vehicles with insurance, maintenance, healthcare, and e-hailing services.
The company now operates an assembly facility in Ibadan with capacity to produce up to 3,600 electric two- and three-wheelers per month. Its latest funding round reflects growing investor confidence in Africa’s electric mobility ecosystem, where volatile fuel prices are making EVs increasingly attractive for commercial transport and last-mile logistics.
Overall, MAX’s $24 million raise highlights rising appetite for scalable, clean mobility platforms that combine financing, infrastructure, and technology in Africa’s urban transport markets.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
