Moove, an African mobility fintech specializing in vehicle financing for ride-hailing and delivery app drivers, has secured $100 million in funding, with Uber leading the Series B round. The investment marks Uber’s first foray into the African continent’s startup ecosystem, pushing Moove’s post-money valuation to $750 million.
While the funding round participants were not officially disclosed by Moove, sources close to the deal confirmed Uber’s involvement to TechCrunch. Other investors include sovereign wealth fund Mubadala and a consortium of notable venture capital firms such as The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa.
Moove, founded four years ago, has now raised a total of $250 million in equity and $210 million in debt financing. The latest capital injection is expected to fuel the company’s expansion into new markets, with plans to broaden its revenue-based vehicle financing platform to 16 markets by the end of 2025.
The fintech employs a unique approach to vehicle financing, acquiring fleets of vehicles that are then sold to drivers through its platform. Using a credit-scoring system, Moove offers financing to drivers, enabling them to purchase vehicles for ride-hailing, logistics, and deliveries. The vehicles provided vary from traditional options like Toyotas and Suzukis to electric vehicles (EVs) such as Teslas.
In addition to the $100 million investment, Moove’s expansion strategy emphasizes a shift towards sustainable mobility solutions. A significant portion of the new capital will be allocated to the adoption of electric vehicles, laying the groundwork for a more environmentally friendly mobility ecosystem.
Uber’s decision to back Moove underscores its commitment to ensuring a stable supply of drivers for its ride-hailing platform across Africa. With operations in eight African countries, Uber aims to leverage Moove’s expertise in vehicle financing to address regulatory challenges and enhance driver recruitment and retention efforts.
Despite facing macroeconomic challenges in key markets like Nigeria, Moove remains steadfast in its mission to provide access to vehicle financing and employment opportunities for drivers. The company’s innovative approach to addressing driver concerns, such as fuel price hikes and flexible payment options, demonstrates its commitment to supporting drivers amid evolving market dynamics.
As Moove continues to scale its operations and expand its presence across Africa, the latest funding round signifies a significant milestone for the company and underscores the growing investor confidence in Africa’s burgeoning mobility fintech sector.
