MAX Drives Forward with New Debt Funding

Electric vehicle startup Metro Africa Xpress (MAX) has secured $8 million in debt financing from Triple Jump, a Dutch impact investor. This latest round follows a previous $24 million raise earlier this year and will fuel the company’s growth plans across West Africa.

The financing was arranged by Verdant IMAP, a pan-African investment bank, and marks a strategic shift for MAX toward asset-backed lending—a natural fit for businesses with substantial hardware investments like electric vehicle fleets. This approach allows them to leverage their assets as collateral while accessing capital at potentially more favorable terms than equity funding.

Local Manufacturing Advantage

A key differentiator for MAX is its growing local assembly capacity, which now reaches 3,600 units per month. This reduces reliance on imports and insulates the company from supply chain disruptions that have plagued EV adoption in Africa.

Integrated Mobility-as-a-Service Model

MAX operates a full-stack model encompassing vehicle financing, battery solutions, charging infrastructure, and digital payments—giving them greater control over costs, data insights, and rider experience. This integrated approach helps manage risk through IoT monitoring of vehicle performance and driver behavior.

With a target of 250,000 drivers by 2027, MAX is expanding beyond its profitable Nigerian base into markets like Cameroon—testing the scalability of its unique blend of mobility services and financial solutions. The company faces competition from players like Spiro and Ampersand in Africa’s rapidly evolving electric mobility landscape.