US climate fintech Nithio has invested in Nigerian electric mobility company MAX, extending its Series B3 round to $29 million.
The amount invested by Nithio was not disclosed, but the investment builds on a $24 million equity and debt round MAX announced in January 2026.
The deal also marks Nithio’s second investment in an African mobility player after Spiro’s $7 million debt raise.
Nithio’s investment is meant to support clean, affordable electric transport across West and Central Africa. The deal comes as MAX says it has reached profitability in Nigeria, its largest market, after deploying more than $56 million in fleet financing and repaying $44 million.
MAX CEO Adetayo Bamiduro said the deal validates a model that is “clean, affordable, and pays for itself.”
Nithio’s CIO, Raghav Sachdeva, said MAX combines technology, financing, and operations to help transport operators get productive assets.
Bamiduro and Chinedu Azodoh launched MAX in 2015 as a bike-hailing startup. It is now an integrated EV and battery subscription platform. Commercial transport operators pay a daily fee with no upfront cost. The fee covers the vehicle, insurance, maintenance, and training.
MAX operates in 20 cities across Nigeria, Ghana, and Cameroon. It claims more than 60,000 drivers and over one billion trips. It wants to support 250,000 drivers and reach more than $150 million in annual recurring revenue by 2027.
Last updated: October 15, 2026
