MOOVE secures $100m funding led by UBER
Moove, a mobility fintech company founded in 2020 by Ladi Delano and Jide Odunsi, has recently secured a significant investment of $100 million in its Series B funding round. This investment is led by Uber and includes participation from other notable financiers.
About Moove
Since its inception, Moove has expanded its operations into nine markets, including Nigeria, Egypt, Kenya, South Africa, and Ghana. The latest funding round has raised the company’s valuation to $750 million, marking a significant milestone in its growth journey.
Uber’s Strategic Investment
Uber’s involvement in this funding round signifies its first investment on the African continent. This strategic move aims to solidify Uber’s position and establish valuable partnerships within the mobility fintech sector.
Impact and Expansion Plans
The infusion of $100 million capital will enable Moove to amplify its positive impact on customers’ lives by introducing 45,000 new vehicles to its platform. This funding milestone not only expands Moove’s operational capacity but also supports its drive towards profitability by the next financial year.
Investor Support
Apart from Uber, other investors contributing to this funding round include Mubadala, The Latest Ventures, Africinvest, Palm Drive Capital, Triatlum Advisors AG, and Future Africa. This investment brings Moove’s total funding to $250 million in equity and $210 million in debt financing, fueling the company’s expansion and innovation efforts in Africa and beyond.
Moove’s Mission and Vision
Moove was established to empower potential drivers in the ride-hailing and logistics sectors to purchase their vehicles over four years, offering an alternative to instant payment or bank loans. The company’s focus on improving credit scores and providing affordable access to brand-new cars has resonated well with drivers in markets like Kenya.
Sustainable Growth and Revenue
With a keen focus on electric vehicles (EVs) and plans to broaden its footprint to 16 markets by 2025, Moove is committed to a sustainable future. The company’s upward trajectory is evident, with annual revenues reaching $90 million and previous funding rounds contributing to its growth trajectory.
Strategic Partnership with Uber
The collaboration between Moove and Uber is strategic, aiming to address the challenge of expensive upfront vehicle costs for drivers. This partnership not only benefits drivers but also aligns with Uber’s market growth strategy in Africa’s ride-hailing sector.
Future Outlook
The successful funding round and partnership with Uber position Moove for further growth, innovation, and market expansion. With a strong focus on sustainability, customer empowerment, and strategic partnerships, Moove is poised to make a significant impact in the mobility fintech industry across Africa and beyond.
