Metro Africa Xpress (MAX), the Lagos‑based mobility financing and technology company, has secured $24 million in a new round of combined equity and debt financing. The raise strengthens MAX’s transition into electric vehicle (EV) financing and clean mobility infrastructure across West and Central Africa, while leveraging its recent achievement of profitability in its core Nigerian market.
The latest capital injection comes at a pivotal moment as MAX accelerates its shift from traditional vehicle financing toward a fully integrated electric mobility platform. The equity portion of the round drew support from a group of international institutional investors, including Equitane DMCC, Novastar, and Endeavor Catalyst, among others. The debt financing was provided through the Energy Entrepreneurs Growth Fund (EEGF) in partnership with development finance institutions focused on expanding access to clean energy solutions.
Founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, MAX has evolved through several business models—including delivery logistics, ride‑hailing, and vehicle financing—before doubling down on electric mobility as the core of its future growth strategy.
According to Adetayo Bamiduro, MAX’s Co‑founder and Chief Executive Officer, the funds will deepen the company’s clean mobility infrastructure, support regional scale‑up, and further the development of an integrated platform aimed at improving affordability, efficiency, and access for both 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 reflects renewed confidence in MAX’s strategic evolution—from a conventional asset‑financing operation to a full‑stack electric mobility provider. This transition aligns with wider market trends across Africa, where falling battery prices and surging fuel costs are making electric two‑ and three‑wheelers increasingly competitive and often cheaper than petrol-powered alternatives.
Expansion plans and EV infrastructure buildout
Armed with new capital, MAX plans to:
- Scale its electric vehicle fleet across multiple markets
- Deploy battery‑swapping and clean energy infrastructure
- Strengthen its proprietary fleet management systems, IoT tools, and telematics
- Support market expansion across West and Central Africa
The leadership team has set ambitious targets, including supporting 250,000 drivers by 2027 and surpassing $150 million in annual recurring revenue as part of its next growth phase. MAX recently announced that it had achieved profitability in Nigeria, its largest and oldest market—a milestone the company describes as evidence of the commercial viability of electric mobility solutions on the continent.
Strategic restructuring and long‑term localisation plans
The company’s pivot to EV financing builds on a strategic restructuring initiated a year ago, during which MAX reduced its workforce by around 150 employees (approximately 30%). The aim was to streamline operations, sharpen its focus on electric mobility, and reinforce financial discipline.
Looking ahead, MAX aims to reduce Africa’s dependence on imported vehicles by increasing local EV assembly and supporting a growing ecosystem of African original equipment manufacturers (OEMs). Its assembly facility in Ibadan, Nigeria, already produces thousands of electric two‑ and three‑wheelers each month, with partnerships ensuring the vehicles are tailored to African road and climate conditions.
