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MAX secures $8m debt funding for E-Mobility operation across Africa
Frank Okon
Metro Africa Xpress (MAX) has secured $8 million in debt financing from Triple Jump to support the expansion of its electric mobility operations across Africa, in a deal arranged by Verdant IMAP.
The funding marks an important milestone for MAX as it continues to scale its clean transport model and deepen its presence in electric vehicle deployment, battery infrastructure and digital mobility financing across key African markets.
Triple Jump, a Netherlands-based impact investor known for backing inclusive financial institutions and clean energy businesses in emerging economies, is among the company’s first international institutional lenders. Its participation is seen as a strong vote of confidence in MAX’s asset-backed financing model and its long-term growth prospects in Africa’s evolving mobility sector.
The new capital will be used to expand MAX’s electric vehicle fleet, roll out additional battery-swapping infrastructure designed to address charging constraints in urban and semi-urban areas, and further develop its Pay-As-You-Go financing platform, which allows commercial drivers to acquire mobility assets and repay gradually from daily earnings.
MAX operates across Nigeria, Ghana and Cameroon, with Nigeria serving as its largest and most established market. The company is building an integrated ecosystem that combines purpose-built electric vehicles designed for local conditions, battery-swapping systems to bypass weak charging infrastructure, IoT-enabled fleet management tools, and embedded financing solutions aimed at expanding access for underserved commercial drivers.
The PAYGO model sits at the center of MAX’s approach, targeting informal transport operators—referred to as “Champions”—and enabling them to transition into income-generating vehicle ownership while reducing operating costs compared to traditional fuel-powered vehicles.
Verdant IMAP acted as sole financial advisor and arranger on the transaction, handling structuring, investor engagement and execution support. The firm said the deal helps establish a foundation for broader institutional capital inflows into MAX as it scales its operations.
Industry observers say the investment reflects growing interest in climate-focused infrastructure and mobility platforms across Africa, particularly as rising fuel prices, urban congestion and environmental concerns push investors toward cleaner transport alternatives and technology-enabled financing models.
