Nigerian electric mobility startup Metro Africa Xpress (MAX) has secured fresh financing from US-based climate fintech company Nithio, bringing its Series B3 funding round to $29 million. The investment will support MAX’s expansion of affordable electric transportation and clean energy infrastructure across West and Central Africa.
Announced by Nithio on October 12, 2026, the investment reflects growing investor interest in businesses combining climate solutions with commercially viable transportation services. However, the amount contributed by Nithio was not disclosed.
Founded in 2015 and headquartered in Lagos, MAX has evolved from a mobility startup into an integrated electric vehicle platform serving commercial transport operators. Its services combine electric motorcycles, battery subscriptions, solar-powered charging and battery-swapping stations, digital payments and fleet financing.
The company’s model targets drivers who need reliable vehicles to earn a living but may struggle to afford the upfront cost of purchasing one. Through its MAX Champions programme, commercial drivers can access electric vehicles through daily subscription payments without an initial deposit. The package also includes services such as insurance, maintenance and training.
MAX currently operates in 20 cities across Nigeria, Ghana and Cameroon. According to company figures, it has served more than 60,000 drivers and facilitated over one billion trips. Its energy infrastructure includes 288 battery cabinets across 143 swapping locations, supported partly by solar power.
The latest funding is expected to help the company deploy more electric two-wheelers through partnerships with vehicle manufacturers, including Spiro and NOVR. It will also support the expansion of solar-powered charging facilities and battery-swapping networks across existing and new markets. These facilities are essential to keeping electric vehicles operational for commercial drivers who depend on daily trips for income.
MAX says its electric mobility model can reduce drivers’ energy and maintenance expenses by more than 40% compared with petrol-powered alternatives. Such savings could become increasingly attractive as fuel costs place pressure on transport operators’ earnings. However, the benefits depend on factors such as subscription fees, battery availability and the reliability of supporting infrastructure.
The investment also advances Nithio’s growing involvement in Africa’s electric mobility sector. Earlier in 2026, the climate-focused financing company provided $7 million to electric motorcycle business Spiro. Its investment in MAX further demonstrates its interest in financing transportation solutions that combine environmental benefits with economic opportunities.
Despite the growth potential, electric mobility companies across Africa face challenges, including limited charging infrastructure, high vehicle acquisition costs and inconsistent electricity supply. MAX’s battery-swapping model offers one way to address some of these barriers, allowing drivers to exchange depleted batteries rather than wait for lengthy charging sessions.
MAX is targeting 250,000 commercial drivers and more than $150 million in annual recurring revenue by 2027, ambitious goals that will require continued expansion and sustainable operations.
Ultimately, the $29 million Series B3 round strengthens MAX’s position in Africa’s developing electric mobility market. Its next challenge will be turning investor funding into wider vehicle adoption, reliable infrastructure and lasting financial benefits for commercial drivers.
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