Metro Africa Xpress, a Nigerian mobility financing startup, has secured $24 million in a blended equity and debt funding round.

The round includes equity investments from Equitane DMCC, Novastar, and Endeavor Catalyst, alongside asset-backed debt financing from the Energy Entrepreneurs Growth Fund and other development finance partners, according to Tech Cabal.

The new capital will support MAX’s strategic shift toward cleaner and more sustainable mobility solutions.

MAX said the fresh capital will be used to scale its electric vehicle fleet, expand battery-swapping and clean energy infrastructure, strengthen its proprietary fleet management and IoT platforms, and drive regional expansion across West and Central Africa.

The company added that the funding will support its goal of empowering 250,000 drivers by 2027 and surpassing $150 million in annual recurring revenue.

Commenting on the raise, CEO Adetayo Bamiduro said the investment will enable MAX to accelerate its growth and deepen the rollout of clean energy infrastructure.

“This capital allows us to scale faster, deepen clean energy infrastructure, and build a truly pan-African mobility platform that expands access, lowers costs, and delivers durable impact,” he said.

MAX confirmed that it has achieved profitability in Nigeria, joining a small group of mobility and asset-financing companies in the country reporting robust revenues and improving unit economics.

“Profitability in Nigeria proves that electric mobility in Africa is not a future concept. It is viable, scalable, and investable today,” Bamiduro added.

This milestone places MAX among African mobility-focused companies that have proven sustainable business models despite challenging operating environments.