This funding round marks a significant milestone for MAX in its expansion of clean transportation services. The funds will be used to expand the company's electric vehicle (EV) fleet, while also supporting the development of battery swapping infrastructure and the ongoing growth of its PAYGO (pay-as-you-go) financing platform.
The company's operational model aims to lower the asset ownership threshold for commercial drivers, enabling them to generate income through access to efficient transportation assets, while significantly reducing operational costs compared to traditional internal combustion engine vehicles.
MAX's Clean Transportation Journey
Metro Africa Xpress, founded in 2015, aims to enhance the accessibility of clean transportation in Africa by providing financing to the transportation sector. It currently operates in countries such as Nigeria, Ghana, and Cameroon, with Nigeria being its core market. MAX is building a comprehensive ecosystem that includes purpose-built electric vehicles designed for local conditions.
The company is also developing battery swapping infrastructure to address charging issues and provide an IoT-driven fleet management system. Additionally, MAX offers embedded financing solutions for vulnerable drivers and passengers in Africa.
Currently, MAX's main investor is Triple Jump, based in the Netherlands, a well-regarded impact investment manager in emerging markets focused on financing inclusive financial institutions and clean energy businesses. Its participation reflects confidence in MAX's operational model, asset-backed loan structure, and long-term scalability in the evolving transportation sector in Africa.
Verdant IMAP acted as the sole financial advisor and arranger for this transaction, supporting the deal's structural design, investor engagement, and execution. This transaction lays the groundwork for further institutional capital investment.