Moove, an African mobility Fintech company that provides revenue-based vehicle financing to mobility entrepreneurs, has raised $100 million in a series B funding round to drive its expansion plans.
The latest funding round which valued the company at $750 million, was led by Uber, making it the company’s first investment in the African continent.
The round also includes sovereign wealth fund Mubadala and several other investors, pushing Moove’s post-money valuation to $750 million. This is up from the $550 million secured last August in a Mubadala-led equity and debt round.
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With the latest financing, Moove will expand its vehicle financing offering to 16 markets globally by the end of 2025, the company said in a statement.
The company further emphasized that a significant portion of this expansion will center on electric vehicles (EVs), which will lay the groundwork for a more sustainable and accessible mobility ecosystem for its customers worldwide. However, customers in Africa may experience delays in participation.
Also commenting on the funding round, Moove’s co-founder Ladi Delano said with the latest funding the startup would bring 45,000 new vehicles to its platform.
In his words,
“This funding milestone not only expands our operational capacity but also supports our drive to profitability by the next financial year. This validation from Uber and others stands as a testament to the fact that what was once a dream is now a palpable reality.”
The influx of funding is pivotal for Moove as it primes itself for expansion into untapped markets. The mobility company is presently operational in 13 cities spanning six countries, which includes Nigeria, South Africa, Ghana, the United Kingdom, India, and the United Arab Emirates,
Launched in 2020 by Jide Odunsi and Ladi Delano, Moove uses technology and productivity data to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.
The company adopts a dual strategy for vehicle financing and 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.
Moove was initially built to solve mobility problems and vehicle ownership in Lagos and has since expanded to 6 cities across Africa. The company is now taking its revenue-based financing model globally to serve the millions of mobility entrepreneurs in emerging markets around the world who have limited or no access to vehicle financing.
Since its launch, Moove has raised a total of $250 million in equity funding while $210 million has come from debt funding.
The company’s vision is to build the Largest Integrated vehicle financing platform for mobility entrepreneurs using technology & future productivity, with a mission to drive productivity and success for the world’s mobility entrepreneurs by democratizing access to vehicle ownership.
- With this latest funding round, Moove’s valuation now stands at $750 million, underscoring the impact of our commitment to transforming the mobility landscape.
- “Our efforts have already made a significant difference in the lives of over 80,000 individuals across 9 markets.
- “Demonstrating our model’s effectiveness, we achieved over $115 million in Annual Recurring Revenue last fiscal year. Cumulatively, Moove has secured $250 million in equity and $210 million in debt financing, fuelling our continued expansion and innovation in Africa and beyond.”