Nigeria-founded mobility fintech company Moove, which democratizes access to vehicle ownership for mobility entrepreneurs, has raised US$100 million in a Series B funding round that takes total raised capital to over US$460 million and values the company at US$750 million.
Founded in 2020 to connect mobility entrepreneurs with fair, accessible, and affordable revenue-based vehicle financing options, Moove embeds its alternative credit scoring technology onto ride-hailing platforms, using proprietary performance and revenue analytics to underwrite customers that have previously been excluded from financial services.
Operating in nine markets across Africa, Middle East, Europe and Asia, and now headquartered in the United Arab Emirates (UAE), 20,000 customers have completed more than 30 million trips in Moove-financed vehicles to date.
The company has been a prolific fundraiser, and its latest round takes total secured capital to over US$460 million, with more than US$250 million in equity and over US$210 million in debt. Its US$100 million Series B includes new investment from Uber and participation from existing investors including Mubadala. The round also values Moove at US$750 million.
Moove will use the funding to expand its customer-focused revenue-based vehicle financing offering to 16 markets around the world by the end of 2025. A considerable portion of this expansion will focus on electric vehicles (EVs), which will lay the groundwork for a more sustainable and accessible mobility ecosystem for its customers worldwide.
“Today’s announcement marks a significant milestone for us. When we founded Moove in 2020, we were motivated to solve the acute shortage of vehicle financing that over two million African mobility entrepreneurs faced,” said Ladi Delano, founder of Moove.
“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 on a much broader spectrum. I would like to extend my heartfelt gratitude to our dedicated team of Moovers for their relentless effort and commitment, which has been pivotal in reaching this significant milestone on our company’s journey.”
Source: disruptafrica.com
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