Moove, an African-born global mobility fintech, is poised to transform the transportation sector with a landmark $1.2 billion debt financing round.
The funds will primarily drive the deployment of an autonomous-driving fleet in collaboration with Alphabet’s Waymo, marking a pivotal moment for the company and African tech innovation.
The capital will also fuel Moove’s expansion into the United States, solidifying its role as a pioneer in innovative mobility solutions. While final details are expected to be concluded in the coming weeks, the deal marks a significant milestone for the mobility company as it ramps up its global ambitions.
Commenting on the funding round, Moove CEO Ladi Delano said,
“Moove has built strong relationships with some of the world’s leading lenders. We have also fully repaid our first-ever debt facilities, which signals our maturity and marks a key milestone that demonstrates the strength of our platform as we enter the next phase of global autonomous-vehicle infrastructure deployment”.
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove provides revenue-based vehicle financing to mobility entrepreneurs in ride-hailing, logistics, mass transit, and instant delivery sectors. By using alternative credit-scoring technology, Moove enables drivers to own vehicles (cars, bikes, buses, or trucks) over 12-60 months by meeting performance KPIs, with payments tied to weekly revenues.
Moove’s model supports local economies by enabling drivers to serve growing urban populations, particularly in Africa’s megacities, where reliable transport is critical. Through partnerships like the one with Waymo, Moove is deploying electric and autonomous vehicle fleets, contributing to lower carbon emissions in mobility. Its focus on electric vehicles (EVs) aligns with sustainable transport goals.
While expanding into autonomous vehicles, Moove remains deeply committed to serving its existing customers in emerging markets. The company will continue to provide its flagship Drive-to-Own (DTO) product, which democratises access to vehicle ownership for underserved mobility entrepreneurs, enabling them to thrive.
The company currently operates in over a dozen countries, including Mexico, India, and the United Arab Emirates, and boasts a fleet of 38,000 vehicles. Its revenue has also seen strong growth, hitting nearly $400 million so far in 2025, up from $275 million in 2024, according to sources.
In January this year, Moove announced the acquisition of kovi, an urban mobility provider headquartered in São Paulo. This strategic acquisition aligns with the company’s commitment to advancing mobility and expanding its footprint in the rapidly growing Latin American market.
The acquisition increased Moove’s total global fleet to 36,000 vehicles and operations to 19 cities across 6 continents. It not only strengthened the company’s position as one of the world’s largest rideshare fleet operators but incorporates Kovi’s proprietary IoT software and advanced driver behavior algorithm, which complement Moove’s existing focus on safety and efficiency.
In 2025 alone, Moove reportedly repaid approximately $100 million in loans, demonstrating its financial discipline and operational strength. This track record has attracted high-profile backers, including Uber, which invested in its $100 million Series B round in 2024, valuing the startup at $750 million.
Also, this year, Moove has facilitated over 25 million trips and created thousands of indirect jobs through its financing model. It targets underserved communities, helping drivers transition from renting to owning vehicles, which boosts their financial independence.
Other investors, such as Mubadala and BlackRock, have also supported its growth, recognising its potential to disrupt traditional ride-hailing models.