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Apr 02, 2024 587

"Uber leads $100M investment in African mobility fintech Moove as valuation hits $750M "

#global

"Moove, an African mobility fintech that offers vehicle financing to ride-hailing and delivery app drivers, has raised $100 million in a funding round as it plots expansion into new markets. "

Moove, an African mobility fintech specializing in offering vehicle financing to ride-hailing and delivery app drivers, has successfully secured $100 million in a funding round to fuel its expansion into new markets. Notably, the round was led by Uber, marking the ride-hailing giant's first investment in the African continent. Other participants in the funding include sovereign wealth fund Mubadala and several other investors, bringing Moove’s post-money valuation to $750 million.

With plans to utilize the capital to expand its revenue-based vehicle financing platform to 16 markets by the end of 2025, Moove takes a two-pronged approach to vehicle financing. The fintech buys fleets of vehicles, which it then sells to drivers through the platform. Additionally, its software offers financing to drivers through a credit-scoring system, enabling them to purchase new vehicles for ride-hailing, logistics, and deliveries. Moove's expansion strategy focuses on geographic diversification and market category expansion, targeting ride-hailing, logistics, mass transit, and instant delivery platforms.

Despite challenges faced by Moove drivers in markets like Nigeria, including significant fuel price hikes and exchange rate fluctuations, the company remains committed to its mission of providing access to vehicle financing and generating employment opportunities across Africa. Moove's latest funding round, along with partnerships with major players like Uber and Bolt, underscores its rapid growth and underscores its ambition to become a leading mobility fintech globally.