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Lagos-based mobility financing firm MAX (Metro Africa Xpress) has raised $24 million in a combined debt and equity funding round after hitting profitability in Nigeria, as it continues to pivot toward electric mobility financing in West and Central Africa. The capital infusion saw equity investment participation from global backers, including Equitane DMCC, Novastar, and Endeavor Catalyst, and other global investors.
Notably, the debt part of the capital infusion comes from asset-backed financing, led by the Energy Entrepreneurs Growth Fund (EEGF) and additional development finance partners that focused on clean energy and sustainability.
According to the CEO of the company, Adetayo Bamiduro, the capital will be used to fund pan-African clean mobility growth, a sector driven by a combination of strategic policy initiatives like the Pan African Action Plan for Active Mobility (PAAPAM), the rise of electric two- and three-wheelers, and the need for sustainable urban transport.
MAX plans to use the capital to scale its EV fleet and expand financing options for drivers, build and deepen clean energy infrastructure, such as battery swapping stations, enhance fleet management and IoT technologies used to monitor and support EV operations, and support ambitious regional expansion across West and Central Africa.
In the EV world, Africa is always seen as the place where decreasing battery costs and high fuel prices are making EVs more efficient and cost-effective for commercial use. The capital will help MAX expand its battery-swapping and clean energy infrastructure to get ahead of the battery challenges and competitors like Nigeria’s Moove and Kenya’s M-KOPA.
It's also worth noting that MAX has achieved profitability in its Nigerian operations, its largest market, and this profitability is seen as evidence that electric mobility in Africa can be viable and investable right now, not just a future vision. As part of its growth strategies, the company aims to support over 250,000 drivers by 2027 and achieve more than $150 million in annual recurring revenues.
MAX, which was originally founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, began as a delivery operation before moving into ride-hailing and vehicle financing. Over the past year, the company has redirected its core focus on electric vehicle (EV) financing and clean mobility infrastructure across West and Central Africa.
As part of the plan, the company restructured its operations in 2024 by laying off about 150 employees (about 30% of its staff) and making cuts to non-core business lines to strengthen financial discipline and unit economics. At that time, the company cut back on office energy and generator consumption and pulled out of underperforming verticals to improve operational efficiency and capital discipline. The main idea is to stop reliance on expensive imports and explore local manufacturing.
The company began introducing electric vehicles in 2020, working with both local and regional vehicle manufacturers such as Yamaha, Hero, and Spiro to design models suited to African road conditions. Since then, it has expanded its operations by setting up an assembly plant in Ibadan, where it can put together up to 3,600 electric vehicles every month. The facility produces both two-wheel and three-wheel electric vehicles, helping the company meet growing demand and reduce reliance on imports.
