African Mobility Fintech Company Moove Secures $100 Million in Funding Round to Drive EV Expansion
Moove, an African mobility fintech company, has secured $100 million in a funding round to expand its vehicle financing services for ride-hailing and delivery app drivers into new markets.
The funding round 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.
In its statement on the funding round, the startup disclosed that it plans to extend its vehicle financing services to 16 global markets by the end of 2025. It 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.
Speaking on this, Ladi Delano, founder of Moove, said, “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…”
He stated that the company would expand its carpool by adding 45,000 new cars to its platform.
“This funding milestone not only expands our operational capacity but also supports our drive to profitability by the next financial year. We are committed to building Moove in a sustainable, customer-focused focused, and profitable way. Moove aims to be at the forefront of the electrification of mobility, which we believe will help steer the world towards a zero-emission future,” he added.
Since its launch in 2020, Moove has used diversification by geography and market categories to fuel its expansion while reducing risk. Not only is Moove in a variety of countries, but the company is also marketing to ride-hailing, logistics, mass transit, and instant delivery platforms.
