Moove, an African mobility fintech specializing in vehicle financing for ride-hailing and delivery app drivers, has successfully raised $100 million in a funding round as part of its expansion plans into new markets.
Although Moove did not disclose the lead investor, sources close to the deal have confirmed that Uber spearheaded the Series B round, marking Uber’s first investment in the African continent. Following publication, Moove confirmed Uber’s leadership in the investment through a LinkedIn post.
In addition to Uber, the funding round includes participation from sovereign wealth fund Mubadala and several other investors, boosting Moove’s post-money valuation to $750 million. This valuation represents an increase from the $550 million secured in the previous funding round led by Mubadala in August. Other participants in the round include Dubai-based The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa.
With a total of $250 million raised in equity and $210 million in debt to date, this funding is crucial for Moove’s expansion efforts. The company currently operates in 13 cities across six markets, including Nigeria, South Africa, Ghana, the U.K., India, and the UAE. Moove plans to utilize the new capital to extend its revenue-based vehicle financing platform to 16 markets by the end of 2025.
Moove employs a dual approach to vehicle financing, acquiring fleets of vehicles and subsequently selling them to drivers through its platform. Leveraging its software and credit-scoring system, Moove offers financing options to drivers, enabling them to purchase new vehicles for ride-hailing, logistics, and deliveries. The vehicle options available through Moove range from traditional models like Toyotas and Suzukis to electric vehicles (EVs) such as Teslas. Drivers contribute a portion of their weekly income towards vehicle payments as part of Moove’s financing model.