Nigerian mobility financing startup Metro Africa Xpress (MAX) has laid off approximately 150 employees, accounting for 30% of its workforce, according to sources familiar with the company's operations. The significant restructuring move comes as MAX embarks on an ambitious plan to finance 120,000 electric vehicles (EVs) across Nigeria, Ghana, and Cameroon – a substantial increase from the combined number of electric and internal combustion engine (ICE) vehicles, motorcycles, and tricycles it financed in 2024.

A MAX spokesperson confirmed the restructuring, citing the need for the company's transition to exclusively financing EVs. Previously, MAX offered a mix of electric and ICE vehicles, with some priced around ₦2 million (approximately $1,280) in 2024, using a rent-to-own model with daily subscription fees. The company expressed appreciation for the affected employees and outlined support measures, including health insurance and job placement assistance, although it declined to comment on the exact number of jobs impacted.

One of the laid-off employees, who wished to remain anonymous, revealed that the termination email vaguely cited performance reviews, suggesting individual performance issues. However, it wasn't until later that the employee realized it was a mass layoff. The terminations were effective immediately, and no monetary severance was offered.

Beyond the layoffs, MAX has implemented cost-saving measures, including reduced energy and generator usage at its offices, according to a highly placed staff member. The company confirmed these measures, stating the aim is to minimize its carbon footprint for environmental reasons. "We are investing significantly in energy sources to power our business locations and battery swap stations," MAX said in an email to TechCabal.

In November 2024, MAX partnered with PASH Global, a renewable energy and impact investment firm, to invest $10 million in developing a network of EV charging stations across urban centers in Nigeria. MAX, which previously manufactured its electric motorcycles, now sources them from original equipment manufacturers (OEMs) like Spiro. One vehicle costs as much as $900, according to the highly placed MAX employee. With a target of 120,000 vehicles, MAX faces significant capital demands to support its expansion.

Since 2019, MAX has raised around $63 million in a mix of equity and debt financing to fuel its growth. In 2020, the startup floated a ₦10 billion multicurrency bond ($22 million at the time) from which it secured a ₦400 million ($1 million) one-year fixed-rate note. Its last disclosed raise, in 2022, saw the company secure $24 million via a private placement under SEC Rule 506(b), allowing it to raise capital from "sophisticated investors" without public solicitation. Raising debt financing has enabled the company to minimize dilution.

Founded in 2015 by Guy-Bertrand Njoya, Adetayo Bamiduro, and Chinedu Azodoh, MAX has undergone several strategic pivots. Starting as a delivery service, it later expanded into ride-hailing and now focuses on vehicle financing. This evolving strategy reflects the company's efforts to adapt to the rapidly changing mobility landscape.

The layoffs and restructuring at MAX come at a critical juncture as the company shifts its focus to electric vehicles. As the startup navigates this significant transition, it remains to be seen how the move will impact its operations, employees, and the broader mobility financing landscape in Africa.