Metro Africa Xpress (MAX), a mobility financing company based in Nigeria, has closed a $24 million funding round comprising both equity and debt as it progresses with its shift toward electric mobility financing across West and Central Africa, following the achievement of profitability in its Nigerian operations.
The equity portion of the round attracted investment from Equitane DMCC, Novastar, Endeavor Catalyst, and additional global investors, while the debt component included asset-backed financing from the Energy Entrepreneurs Growth Fund (EEGF) alongside other development finance partners.
“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,” stated Adetayo Bamiduro, MAX’s Chief Executive Officer.
The funding demonstrates substantial investor backing for MAX’s transformation from a conventional vehicle financing operation into a comprehensive electric mobility platform.
“Profitability in Nigeria proves that electric mobility in Africa is not a future concept. It is viable, scalable, and investable today,” Bamiduro emphasized.
The company’s profitable status and new capital injection arrive one year following its strategic pivot to EV financing, which included workforce reductions of approximately 150 employees—roughly 30% of its staff—as part of a comprehensive operational restructuring. During that period, MAX implemented various cost-reduction initiatives, including decreased energy and generator consumption at its facilities, while discontinuing less profitable business lines to strengthen operational efficiency and capital management.
MAX’s fundamental approach centers on minimizing dependence on costly imports through expanded local manufacturing capabilities. The startup, which began deploying electric vehicles in 2020, collaborates with local and regional original equipment manufacturers (OEMs), such as Yamaha, Hero, and Spiro, to supply vehicles optimized for African road conditions.
MAX’s expansion coincides with accelerating electric mobility adoption throughout the continent. Falling battery prices combined with volatile fuel costs are making electric vehicles economically advantageous compared to gasoline-powered options for commercial transportation operators. With approximately 20,000 EVs currently operating on Nigerian roads and projected compound annual growth of 30.6%, the EV industry is quickly transitioning into a viable industrial-scale market.
Established by Adetayo Bamiduro and Chinedu Azodoh in 2015 as a delivery operation, MAX has undergone multiple strategic shifts into ride-hailing, vehicle financing, and currently EV assembly. Since 2019, the company has accumulated approximately $87 million in total funding to support its expansion.
MAX’s profitability stems from its integrated pay-as-you-go (PAYG) operational model that emphasizes cash flow management over aggressive growth. To date, MAX reports deploying over $56 million in fleet financing while successfully recovering $44 million in repayments from users.
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