MAX, the Nigerian mobility company, plans to expand its EV fleet, battery-swapping infrastructure, and IoT-enabled fleet management after reaching profitability in Nigeria.
Accelerating Across the Region
Nigerian mobility company Metro Africa Xpress, known as MAX, has raised $24 million in a combined equity and debt round as it scales its electric mobility financing model across West and Central Africa. The raise comes as the company reports it has reached profitability in Nigeria, which it describes as its largest market. The funding will support the company’s efforts to scale clean, affordable, and accessible transportation solutions across the continent.
MAX is a technology-driven mobility company focused on tackling Africa’s transportation challenges by democratizing vehicle access and empowering mobility entrepreneurs. It aims to transform transportation across the continent by advancing electric vehicle adoption and zero-emission mobility while supporting informal transport operators with financial services, training, insurance, healthcare benefits, and emergency response.
MAX operates a rent-to-own platform that connects drivers to vehicles (including EVs), provides comprehensive services for drivers, and offers reliable transportation for users, alongside enterprise and regulatory technology solutions. The company’s mission is to make mobility safe, affordable, accessible, and sustainable through high-performance technology and operators.
According to its own figures, the company is active in more than 18 cities and has served over 52,000 drivers.
Backers and Plans
MAX receiving backing from a number of sources. The equity portion of the deal included Equitane DMCC, Novastar, and Endeavor Catalyst. On the debt side, MAX secured asset-backed financing from the Energy Entrepreneurs Growth Fund (EEGF), alongside other development finance partners.
MAX will deploy the capital to expand its electric vehicle fleet and grow its solar-powered battery-swapping infrastructure. The company also plans to strengthen its proprietary IoT and fleet management systems, and support regional expansion across West and Central Africa.
Profitability and a Sharper Operating Model
MAX’s profitability milestone in Nigeria is presented as a key proof point underpinning the fundraise. Since its founding in 2015, MAX has evolved from traditional vehicle financing into a more focused electric mobility platform. The transition followed an operational reset that saw the company exit lower-margin business lines, streamline its workforce, and tighten capital allocation in line with its revised strategy.
“Profitability in Nigeria proves that electric mobility in Africa is not a future concept. It is viable, scalable, and investable today,” said Adetayo Bamiduro, co-founder and CEO of MAX. “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.”
Manufacturing Capacity and Near-Term Targets
MAX operates an assembly facility in Ibadan, Nigeria, with capacity cited at up to 3,600 vehicles per month. The company has set a target of supporting 250,000 drivers by 2027 and is also aiming to exceed $150 million in annual recurring revenue as it scales.
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