Metro Africa Xpress (MAX), the Lagos-based mobility financing and technology company, has secured $24 million in a combined equity and debt funding round to accelerate its electric vehicle (EV) financing platform and clean mobility infrastructure across West and Central Africa.
The new funding bolsters MAX’s transition from conventional vehicle financing to an integrated electric mobility platform, coming shortly after the company reached profitability in its core Nigerian market. The round attracted equity investment from international institutional backers, including Equitane DMCC, Novastar and Endeavor Catalyst, while the debt component was provided by the Energy Entrepreneurs Growth Fund (EEGF) in partnership with development finance institutions focused on widening access to clean energy solutions.
Founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, MAX has iterated through several business models — from delivery logistics and ride-hailing to asset financing — before positioning electric mobility at the centre of its long-term growth strategy.
According to Adetayo Bamiduro, MAX’s co-founder and chief executive officer, the capital will be deployed to deepen clean mobility infrastructure, support regional expansion and advance the development of an integrated platform designed to improve affordability and efficiency for drivers and riders.
“This capital will accelerate our expansion, strengthen clean energy infrastructure, and support the creation of a platform that enhances access and affordability for the mobility ecosystem.”
Investor participation underscores renewed confidence in MAX’s strategic shift from a traditional asset-financing business to a full-stack electric mobility provider. The move mirrors broader trends across African markets, where rising fuel costs and declining battery prices are making electric two- and three-wheelers increasingly competitive and in many cases cheaper than petrol-powered alternatives.
With the fresh capital, MAX intends to rapidly expand its electric vehicle fleet, roll out battery-swapping and clean energy infrastructure, enhance its proprietary fleet management, Internet of Things and telematics systems, and scale operations across West and Central Africa. The company has set ambitious targets, including supporting 250,000 drivers by 2027 and exceeding $150 million in annual recurring revenue in its next phase of growth.
MAX recently confirmed it had achieved profitability in Nigeria, its largest and longest-standing market, describing the milestone as validation of the commercial viability of electric mobility solutions on the continent.
The EV-focused expansion builds on a strategic restructuring launched last year, during which the company reduced its workforce by about 150 employees, roughly 30% of staff. The restructuring was aimed at streamlining operations, sharpening focus on electric mobility and strengthening financial discipline to support sustainable, long-term growth.
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