NIGERIA – Moove, a mobility fintech company that democratizes access to vehicle ownership for mobility entrepreneurs, has raised US$100 million in a Series B funding round that takes the total raised capital to over US$460 million and values the company at US$750 million.
The round featured participation from Uber and Abu Dhabi sovereign wealth fund Mubadala.
Moove will use the funding to expand its customer-focused revenue-based vehicle financing offering to 16 markets around the world by the end of 2025.
A considerable portion of this expansion will focus on electric vehicles (EVs), which will lay the groundwork for a more sustainable and accessible mobility ecosystem for its customers worldwide.
Launched in 2020 by Jide Odunsi and Ladi Delano, the mobility company offers vehicle financing for transportation business owners across ride-hailing, logistics, mass transit, and instant delivery platforms through alternative credit sourcing technology and productivity data.
Moove adopts a dual strategy for vehicle financing. The mobility fintech procures fleets of vehicles, subsequently selling them to drivers via its platform. Using its software, it offers financing to drivers based on a credit-scoring system, making it easier for them to buy new cars designed for delivery, logistics, and ride-hailing.
Its vehicle offerings range from conventional models like Toyotas and Suzukis to electric vehicles (EVs) like Teslas. Drivers contribute a portion of their weekly earnings towards vehicle payments.
Since its expansion beyond Africa in 2021, Moove has actively incorporated electric vehicles (EVs) into its business strategy. Presently, it operates significant EV fleets in the UAE and the UK. And it plans to introduce more than 20,000 EVs on Uber in India.
“Today’s announcement marks a significant milestone for us. When we founded Moove in 2020, we were motivated to solve the acute shortage of vehicle financing that over two million African mobility entrepreneurs faced,” said Ladi Delano, founder of Moove.
“This validation from Uber and others stands as a testament to the fact that what was once a dream is now a palpable reality. This infusion of capital is set to amplify the immensely positive impact our products have in the lives of our customers on a much broader spectrum.
“I would like to extend my heartfelt gratitude to our dedicated team of Moovers for their relentless effort and commitment, which has been pivotal in reaching this significant milestone on our company’s journey.”
Operating in nine markets across Africa, Middle East, Europe and Asia, and now headquartered in the United Arab Emirates (UAE), 20,000 customers have completed more than 30 million trips in Moove-financed vehicles to date.
The company has been a prolific fundraiser, and its latest round takes total secured capital to over US$460 million, with more than US$250 million in equity and over US$210 million in debt.
Prior to this, it had also raised US$155 million from multiple rounds closed throughout 2022, which featured investors such as Left Lane Capital, Franklin Templeton Investments and British International Investment, among others.
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