Metro Africa Xpress (MAX), a Nigerian mobility financing company, has raised $24 million in a blended equity and debt funding round to accelerate its shift toward electric and clean transportation.

According to TechCabal, the round features equity backing from Equitane DMCC, Novastar, and Endeavour Catalyst, alongside asset-backed debt financing from the Energy Entrepreneurs Growth Fund (EEGF) and other development finance institutions.

Funding to Expand EV Fleets and Battery-Swapping Networks

MAX said the new capital will be deployed to:

• Grow its electric vehicle (EV) fleet
• Scale battery-swapping and clean energy infrastructure
• Enhance its in-house fleet management and IoT platforms
• Drive expansion across West and Central African markets

The company said the investment supports its ambition to empower 250,000 drivers by 2027 while targeting over $150 million in annual recurring revenue.

CEO Says Capital Will Speed Up Continental Growth

MAX co-founder and Chief Executive Officer Adetayo Bamiduro said the funding strengthens the company’s ability to scale sustainably while expanding clean mobility infrastructure across Africa.

“This funding enables us to move faster, expand clean energy infrastructure, and build a pan-African mobility platform that improves access, reduces costs, and delivers long-term impact,” Bamiduro said.

MAX Achieves Profitability in Nigeria

The company also confirmed it has reached profitability in Nigeria, a notable achievement in a sector where few mobility and asset-financing companies have demonstrated consistent profitability.

According to Bamiduro, the milestone shows that electric mobility models are already commercially viable on the continent.

“Profitability in Nigeria shows that electric mobility in Africa is not theoretical, it is scalable, sustainable, and attractive to investors today,” he said.

Track Record of Funding and Expansion

Prior to this round, MAX raised $31 million in Series B funding in 2021, led by Lightrock and Global Ventures, to support expansion across African markets and develop EV infrastructure. That phase enabled the company to extend vehicle financing to more than 100,000 drivers.

MAX has also raised over $40 million in institutional debt for driver financing and has previously tapped bonds and venture funding to grow its asset-financing and mobility businesses.

Investor Confidence Rises as Electric Mobility Gains Ground

The latest raise signals growing investor confidence in MAX’s transformation from a conventional vehicle financing company into an end-to-end electric mobility platform.

This evolution mirrors broader shifts in Africa’s transport ecosystem, where rising fuel costs and economic pressures are making electric two- and three-wheelers increasingly appealing to commercial drivers.

As electric mobility adoption accelerates across the continent, MAX is positioning itself at the convergence of transport finance, clean energy, and mobility technology.