Metro Africa Xpress, known as MAX, has raised $24 million in a mix of equity and debt as it scales electric mobility financing across West and Central Africa after reaching profitability in Nigeria.
The equity round included Equitane DMCC, Novastar, and Endeavor Catalyst. The company also secured asset-backed debt from the Energy Entrepreneurs Growth Fund and other development finance partners.
MAX will use the capital to expand its electric vehicle fleet, grow battery-swapping and clean energy infrastructure, strengthen its fleet management and IoT systems, and accelerate regional expansion. The company targets supporting 250,000 drivers by 2027 and exceeding $150 million in annual recurring revenue.
The startup said it is profitable in Nigeria, its largest market. It pivoted to electric mobility financing in 2024, exiting less profitable lines and cutting costs after laying off about 150 staff.
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Founded in 2015, MAX operates an EV assembly facility in Ibadan with capacity for 3,600 vehicles per month and partners with OEMs including Yamaha, Hero, and Spiro.
Key Takeaways
MAX's raise signals growing investor confidence in Africa's electric mobility shift as economics improve for commercial drivers. Battery prices have fallen, while fuel costs remain volatile, making electric two- and three-wheelers cheaper to operate over time. Profitability in Nigeria sets MAX apart in a sector where scale has often come before unit economics. By focusing on pay-as-you-go financing, local assembly, and fleet data, the company prioritizes cash flow and asset efficiency over rapid expansion. The strategy also reduces exposure to imports by assembling vehicles locally and tailoring designs to African roads. This lowers costs and shortens supply chains. With about 20,000 EVs already on Nigerian roads and sector growth projected at 30.6% annually, electric mobility is moving from pilot phase to industrial scale. MAX's approach positions it to capture that shift by combining financing, infrastructure, and manufacturing into a single platform.
