In a Series B funding round, Moove, a Nigerian mobility fintech that finances cars for drivers of delivery and ride-hailing apps, has raised $100 million.
In a Series B funding round, Moove, a Nigerian mobility fintech that finances cars for drivers of delivery and ride-hailing apps, has raised $100 million.
Uber and Mubadala, the sovereign wealth fund of Abu Dhabi, participated in the round, which increased the fintech's valuation to $750 million.
By the end of the year, Moove says it will use the money to expand its revenue-based vehicle financing program to 16 markets. A "considerable portion" of this expansion effort will be devoted to electric vehicles (EVs), with the goal of "laying the groundwork for a more sustainable and accessible mobility ecosystem."
Moove, which debuted in 2020, has grown to be among the best-funded fintechs in Africa thanks to its Series B funding round, which builds on the $76 million it was able to raise the previous year.
Previous to this, it had also raised $155 million from a number of closed rounds in 2022, including participation from investors including British International Investment, Franklin Templeton Investments, and Left Lane Capital.
According to Moove founder Ladi Delano, the fintech will be able to “broaden our offerings by introducing 45,000 new vehicles to our platform” as part of its newest cash infusion. The company plans to increase its operational capacity and turn a profit by the end of the next fiscal year.
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