MAX secures $8 million to expand its electric vehicle fleet

Metro Africa Xpress (MAX), a leading electric mobility platform in Africa, has secured $8 million in funding. This was disclosed in a statement seen by Technext. The round, which comes in the form of debt funding, is backed by Triple Jump.

The funding round marks a key milestone in scaling MAX’s clean mobility operations. The funds will support an expansion of the company’s electric vehicle (EV) fleet. It will also support the rollout of its battery swap infrastructure and the continued development of its Pay-As-You-Go (PAYGO) financing platform.

The company’s model is designed to lower barriers to asset ownership for commercial drivers, enabling income generation through access to productive mobility assets and reducing operating costs compared with internal combustion alternatives.

MAX clean transport journey

Metro Africa Xpress was founded in 2015 to provide access to clean mobility by making financing available to transporters across Africa. Currently operating across Nigeria, Ghana, and Cameroon, with Nigeria as its core market, MAX is building an integrated ecosystem comprising purpose-built electric vehicles adapted for local conditions.

The company is also building battery-swapping infrastructure to address charging constraints and providing IoT-enabled fleet management systems. Finally, it is providing embedded financing solutions for underserved drivers and riders across Africa.

Electric Keke

MAX’s current financier, Triple Jump, is a Netherlands-based impact investment manager with a strong track record of financing inclusive financial institutions and clean energy businesses across emerging markets. It represents one of the company’s first international institutional lenders.

Its participation underscores confidence in MAX’s operating model, asset-backed lending structure, and long-term scalability within Africa’s evolving mobility sector.

Verdant IMAP acted as the sole financial advisor and arranger on the transaction, supporting structuring, investor engagement, and execution. The transaction establishes a foundation for further institutional capital deployment into the business.

See also: MAX Drive takes mobility solutions to Osun, starting with 1,000 tricycles