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Nigerian-born mobility fintech Moove heads for global expansion with $100M funding led by Uber

Nigerian-born mobility fintech Moove heads for global expansion with $100M funding led by Uber

Moove, a global mobility fintech, has secured a significant $100 million Series B funding round, taking the company’s valuation to a staggering $750 million mark. This impressive achievement shows the growing traction of Moove’s innovative approach to financing vehicle ownership for mobility entrepreneurs.

In a related note, earlier this year, Ukrainian-led fintech from the UK announced £15.5 million equity investment in reshaping car finance landscape as well.

The Nigerian-born global startup’s vision centres around democratising access to vehicle ownership for mobility entrepreneurs, a segment often underserved by traditional financial institutions. Their unique solution revolves around revenue-based financing, where a driver’s earnings on platforms like Uber are used to assess creditworthiness and finance vehicle purchases.

Strategic partnership with Uber 

The fresh capital injection comes from a strategic partnership with ride-hailing giant Uber, alongside continued support from existing investors like Mubadala, the Abu Dhabi-based sovereign investment fund. This collaboration signifies not only Moove’s disruptive business model but also the potential for deeper integration within the mobility ecosystem.

Moove’s global expansion plans with focus on electric vehicles

This Series B funding serves as a springboard for Moove’s ambitious global expansion plans. The company aims to establish a presence in 16 markets by 2025, with a particular focus on Africa, the Middle East, Europe, and Asia. A substantial portion of this expansion will prioritise electric vehicles (EVs), paving the way for a more sustainable and accessible transportation landscape globally.

Moove’s success story

Ladi Delano, Moove’s Founder, expressed his elation at this milestone: “This validation from Uber and others stands as a testament to the fact that what was once a dream is now a palpable reality… This infusion of capital is set to amplify the immensely positive impact our products have in the lives of our customers.”

Interestingly, Moove’s headquarters in the UAE, a burgeoning hub for entrepreneurship, exemplifies a symbiotic relationship between local investors and disruptive startups. Their partnership with Mubadala highlights how collaboration can fuel growth and innovation, not just within the UAE but across the globe.

Moove’s sustainability efforts in the mobility sector

The UAE holds a special significance for Moove as it served as the launchpad for their fully integrated charging solution. This initiative involved investing in a network of charging stations exclusively for Moove customers, further solidifying their commitment to sustainability. Additionally, Moove’s pioneering efforts toward a 100% EV fleet in the UAE resulted in them facilitating the highest number of EV trips on the Uber UAE platform in 2023.

Moove’s success story is evident in their impressive numbers. They have empowered over 20,000 mobility entrepreneurs across three continents, facilitating over 30 million Moove-financed trips to date. This translates to an annual recurring revenue (ARR) exceeding $115 million, and a clear path towards profitability in the near future.

Moove’s customer focus, sustainability, and profitability

“We are proud to continue supporting Moove,” stated Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform. “This follow-on investment exemplifies Mubadala’s strategy of deploying capital to drive positive change in communities.”

Looking ahead, Moove plans to leverage this funding to significantly bolster their offerings by introducing 45,000 new vehicles to their platform. This expansion not only broadens their operational capacity but also fuels their commitment to achieving profitability within the next fiscal year.

What we think about Moove

Moove’s success story goes beyond just disrupting traditional financing models. It highlights the transformative potential of technology in empowering individuals and fostering economic inclusion. Moove’s focus on customer-centricity, sustainability, and profitability positions them at the forefront of the mobility fintech revolution. Their commitment to electrifying mobility aligns perfectly with the growing global shift towards a zero-emission future. 

Furthermore, the strategic partnership with Uber signifies a potential trend towards closer collaboration between mobility platforms and fintech companies. This could lead to a more streamlined and efficient experience for mobility entrepreneurs, ultimately benefiting the entire transportation ecosystem.

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