Nigerian mobility startup MAX hits $29M in Series B3 funding. Reading Time: 4 mins read Nigerian electric mobility startup MAX has raised its Series B3 round to $29 million with a new investment from US climate fintech Nithio. The funding will support its expansion into electric vehicle financing, battery swapping and clean mobility services across West and Central Africa. Nithio hasn't disclosed the size of its investment. Founded in Lagos in 2015, MAX provides commercial transport operators with electric vehicles through a subscription model, allowing drivers to access income-generating vehicles without paying the full purchase price upfront. Its operations span vehicle partnerships, battery infrastructure, digital payments and fleet management. Nithio has primarily financed clean energy businesses, using data and AI-driven risk assessment to evaluate borrowers in markets where conventional credit records can be difficult to obtain. Its investment in MAX takes that approach further into electric transport, where operators need financing for vehicles and the infrastructure required to keep them running. In February 2026, Nithio extended a $7 million debt facility to Kenyan electric motorcycle company Spiro. The facility was part of a wider $50 million debt round involving Afreximbank and the Africa Go Green Fund. Its latest investment gives Nithio another entry point into Africa's electric mobility market. MAX is Betting on the Economics of Electric Transport. MAX's business revolves around its "MAX Champions" programme. Riders pay daily subscription fees to use electric vehicles, avoiding the upfront cost of buying one. The company reported reaching profitability in Nigeria in January 2026, after deploying more than $56 million in fleet financing and recovering $44 million in repayments. It now operates in 20 cities across Nigeria, Ghana and Cameroon and plans to enter nine more African markets. Its vehicle assembly facility in Ibadan has a reported monthly production capacity of 3,600 vehicles, including electric two- and three-wheelers. MAX says it has served more than 60,000 commercial transport operators, facilitated over one billion trips and helped avoid an estimated 238,000 tonnes of greenhouse gas emissions. Its battery-swapping network has facilitated more than 350,000 swaps, supported by its own infrastructure and partnerships with operators including Spiro and Kofa. Solar power also feeds into its energy network. The company reports 1 megawatt-peak of solar generation capacity and more than 200,000 kilowatt-hours of clean energy produced to date. According to MAX, its solar-powered energy hubs can deliver electricity at a levelised cost 50% below Nigeria's Band A grid tariff. Cheaper energy could help the company control the cost of running its battery network, although the economics will depend on infrastructure utilisation, maintenance and the cost of expanding into new locations. Rising fuel costs give riders another reason to switch. Nigeria's removal of the petrol subsidy in May 2023 pushed up transport costs for commercial drivers. Petrol, which sold for less than ₦200 per litre before the policy change, has since become considerably more expensive. By October 2026, petrol prices in Abuja had reached roughly ₦1,405-₦1,409 per litre, while Lagos prices were reported at about ₦1,350-₦1,400 per litre, depending on the station. Industry estimates cited in the report put fuel at 40% to 60% of a commercial rider's daily earnings. MAX says its electric vehicles and solar-powered battery-swapping services cut combined energy and maintenance costs by more than 40% compared with petrol-powered alternatives at current prices. Lower running costs can make electric motorcycles attractive to riders whose earnings are closely tied to daily expenses. But the savings have to hold up in practice. Riders need enough income to meet subscription payments, battery stations must be accessible along their routes, and MAX has to maintain its vehicles and batteries without eroding its margins. The company is building out its vehicle supply through several partnerships. Its relationship with Spiro has helped it scale to nearly 7,000 electric motorcycles under a planned first phase of 10,000 units. MAX also works with NOVR, whose battery technology is designed to deliver more than 150 kilometres of range on a single charge. In Ghana, partnerships with Kofa and electric vehicle manufacturer TailG give MAX access to vehicles supported by Kofa's battery-swapping network. These arrangements broaden the options available to the company as it expands, though operating across multiple vehicle platforms and battery systems can add complexity to servicing and maintenance. Power and charging infrastructure could slow expansion. Nigeria's electricity supply remains a constraint for businesses looking to electrify transport. The national grid supplies around 4,000 megawatts to a population of more than 200 million, leaving many businesses reliant on alternative power sources when the grid fails. Public charging infrastructure is scarce, too. Reuters reported that Nigeria had about 48 public EV charging stations by late 2025, concentrated mainly in Lagos and Abuja. South Africa had more than 500. Electric vehicles still account for less than 1% of Nigeria's total vehicle fleet, although the government's Energy Transition Plan projects that they could make up 60% by 2050. The policy environment has begun to improve as the government exempted EVs from VAT in 2024 before reducing import duties from 5% to zero in 2026. The government also approved tax waivers for nearly 4,000 electric vehicles in the first half of this year, according to the report. Lower import costs may encourage adoption, but they won't resolve every barrier. Operators still need dependable electricity, enough battery-swapping locations to make daily routes practical, and access to vehicles, spare parts and maintenance services. MAX's investments and partnerships address parts of that problem, but each new market will bring its own power supply, regulations and transport habits. MAX targets 250,000 drivers by 2027. Nithio's investment extends a $24 million equity and debt round MAX announced in January 2026. Investors in that round included Equitane DMCC, Novastar Ventures, Triple Jump, Endeavor Catalyst and the Energy Entrepreneurs Growth Fund. MAX wants to support 250,000 drivers and generate more than $150 million in annual recurring revenue by 2027. Meeting those targets will require a substantial increase in its fleet and infrastructure, alongside strong repayment rates and disciplined operating costs. Regional expansion is already taking shape through its supply partnerships. In Ghana, Kofa and TailG provide a route into an established battery-swapping network, while relationships with Spiro and NOVR give MAX access to different electric motorcycle and battery technologies. For Nithio, MAX broadens its climate finance portfolio into transport, a sector where the emissions benefits need to align with the economics of commercial operators. MAX, meanwhile, has reported profitability in Nigeria, giving it a starting point for expansion. Whether that performance can be replicated elsewhere will depend on local energy costs, fuel prices, infrastructure and the ability of riders to keep up with subscription payments. The $29 million round gives MAX more capital to pursue its regional plans. The challenge now is to grow its fleet and swapping network without losing the cost advantages that underpin its business.

MAX Nithio funding...Whether MAX can replicate its Nigerian profitability across new markets - and whether Nigeria's grid and charging

Nithio expands platform capabilities. Nithio, today announces its appointment as Back-Up Servicer for Sun King's receivables financing programme. The appointment marks an important milestone in Nithio's evolution, expanding its role beyond financing and portfolio analytics into servicing readiness and operational continuity support for large-scale energy access portfolios. Building on years of experience monitoring, verifying, and analysing renewable energy receivables across Africa, Nithio currently serves as Portfolio Monitoring and Verification Agent across multiple renewable energy transactions. Through its proprietary analytics platform, the company has processed data from more than 30 energy companies and over 10 million customer accounts, reinforcing its position as a trusted partner supporting the growth and resilience of the sector. As Back-Up Servicer, Nithio will maintain operational readiness to assume servicing responsibilities if required, ensuring continuity for lenders, investors, customers, and other stakeholders. The role includes maintaining robust data integration capabilities, operational oversight, reporting infrastructure, compliance readiness, and transition planning designed to safeguard portfolio performance under a range of scenarios. "Nithio was founded to strengthen the infrastructure that enables capital to flow into distributed renewable energy markets. This appointment reflects the confidence that leading market participants place in our analytics capabilities, operational expertise, and understanding of PAYGo energy portfolios. We are proud to support the resilience of one of Africa's most impactful energy access platforms." - Roeland Menger, Nithio CEO About Nithio Nithio is a premier climate fintech platform utilizing data and AI to unlock capital for resilient climate solutions. By standardizing the assessment of credit risk, the company facilitates the flow of large-scale investment into universal energy access and climate mitigation strategies. These efforts are realized through direct debt financing via its investment vehicle, Nithio FI, and by providing advanced risk analytics that empower other financial institutions to scale their impact. Discover more at www.nithio.com. About Sun King Sun King is the world's largest off-grid solar energy company, serving 1.8 billion people across Africa and Asia who lack access to reliable electricity. Through innovative product design, affordable pay-as-you-go financing, and a grassroots field team of 41,000 agents providing installation and service, Sun King has powered over 27 million homes. Founded in 2007 as Greenlight Planet, Sun King sets the gold standard for off-grid solar technology as part of its mission: powering access to brighter lives. For more information, please visit: www.sunking.com.