Moove, an African mobility fintech company specialising in vehicle financing for ride-hailing and delivery app drivers, has successfully raised $100 million in a recent funding round, News About Nigeria reports.
The funding, which marks Moove’s Series B round, will facilitate the company’s expansion into new markets.
Although Moove did not disclose the identity of the lead investor, sources close to the deal have confirmed that Uber spearheaded the funding round.
This marks Uber’s first investment in an African-based startup.
Sovereign wealth fund Mubadala and a group of other investors also took part in the investment round, raising Moove’s post-money valuation to $750 million.
This represents an increase from the $550 million valuation attained in the previous funding round led by Mubadala last August.
The development corroborates earlier reports from Bloomberg regarding the funding round.
Dubai-based The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa were among the investors who contributed to the funding round.
Moove has now raised a total of $250 million in equity, in addition to $210 million in debt financing.
Currently operational in 13 cities across six markets, including Nigeria, South Africa, Ghana, the U.K., India, and the UAE, Moove aims to expand its presence to 16 markets by the end of 2025.
Moove’s innovative vehicle financing platform operates on a revenue-based model, providing drivers with access to credit-scoring systems to purchase new vehicles for ride-hailing, logistics, and delivery services.
The company purchases fleets of vehicles and sells them to drivers through its platform, offering a diverse range of options from traditional vehicles to electric vehicles (EVs).
A huge portion of Moove’s expansion strategy will focus on EV adoption, particularly in markets outside of Africa.
The company operates large EV fleets in the UAE and the U.K. and plans to introduce over 20,000 EVs on Uber’s platform in India.
However, customers in Africa may experience delays in EV adoption due to infrastructure challenges, prompting Moove to consider alternative options such as compressed natural gas (CNG) vehicles for markets like Nigeria.
Despite challenges posed by macroeconomic conditions, including fuel price hikes and exchange rate fluctuations, Moove remains committed to its mission of providing access to vehicle financing and employment opportunities for drivers across Africa.
The company has implemented various initiatives to support drivers, including reduced weekly remittances, fuel subsidy plans, and flexible payment options.
Following the funding round, Moove has relocated its headquarters to the UAE.
