Metro Africa Xpress raises $31mn in Series B Round

Metro Africa Xpress (MAX) has successfully raised $31 million in a Series B funding round to facilitate its expansion into Ghana and Egypt. The company's Chief Financial Officer, Guy-Bertrand Njoya, expressed his excitement about the significant milestone, highlighting the unwavering support from existing and new investors. MAX has made remarkable strides in Nigeria and beyond, providing essential tools and services to nearly 15,000 drivers. However, Njoya emphasized that the company is just beginning to tap into the enormous potential presented by the market, which boasts over 15 million drivers across Africa and the global south. MAX is poised to seize this opportunity by venturing into new markets such as Ghana, Egypt, the United States, South Africa, and the GCC region. Njoya underscored the critical role MAX plays in addressing the needs of underserved commercial drivers, offering access to credit, financing solutions, and cost-effective, clean vehicles. With a vision to empower drivers and enhance their operational efficiency, MAX plans to deepen its services and bring more operators into the formal economy. Leveraging alternative data sources, MAX has enabled drivers to access institutional finance, marking a significant achievement in its mission to transform the transportation industry. While acknowledging the progress made, MAX remains committed to further innovation and expansion to serve a broader segment of drivers in the evolving market landscape.