Metro Africa Xpress (MAX), a Nigerian mobility financing company, has secured $24 million in a mixed equity and debt funding round to accelerate its transition into electric vehicle (EV) financing and expand clean energy mobility solutions across West and Central Africa.
The funding round included equity investments from Equitane DMCC, Novastar, and Endeavor Catalyst, alongside asset-backed debt from the Energy Entrepreneurs Growth Fund (EEGF) and other development finance partners. This capital injection comes as MAX strengthens its proprietary fleet management and IoT systems, scales its EV fleet, and expands battery-swapping infrastructure to support cleaner, more sustainable transportation.
Brandspur Brand News reports that the new funds will enable MAX to pursue its ambitious target of supporting 250,000 drivers by 2027 and achieving over $150 million in annual recurring revenue. The company has also confirmed that it is now profitable in Nigeria, marking a significant milestone in Africa’s electric mobility ecosystem.
MAX CEO Adetayo Bamiduro said the funding will help the company build a pan-African mobility platform, expand access to affordable EVs, and deepen clean energy infrastructure. “Profitability in Nigeria proves that electric mobility in Africa is viable, scalable, and investable today,” he noted.
Founded in 2015 by Bamiduro and Chinedu Azodoh, MAX initially offered integrated, collateral-free vehicle subscription packages covering low- to zero-emission vehicles, healthcare, insurance, maintenance, and eHailing services. About a year ago, the company pivoted fully to electric vehicle financing, streamlined operations, and introduced cost-saving measures to enhance operational efficiency.
MAX now operates an assembly facility in Ibadan with a production capacity of up to 3,600 two- and three-wheel electric vehicles per month. This latest funding reflects growing investor confidence in MAX’s ability to scale its electric mobility platform, leveraging Africa’s increasing demand for affordable, low-emission transportation amid volatile fuel prices.
Prior funding rounds include a $31 million Series B in 2021 led by Lightrock and Global Ventures, and institutional debt exceeding $40 million, which helped MAX expand its vehicle financing operations and support over 100,000 drivers. The current round positions MAX among Africa’s leading sustainable mobility companies with proven business models and regional growth ambitions.
