Raising the Bar
Moove, the African mobility fintech revolutionizing vehicle financing for ride-hailing and delivery app drivers, has secured a monumental $100 million investment in a recent funding round. Spearheaded by Uber, this investment marks a significant milestone for Moove as it gears up for expansion into new markets across the continent.
Uber's Inaugural African Investment
While Moove remained tight-lipped about the lead investor, insider sources have confirmed that Uber has taken the helm in this Series B funding round, marking its maiden investment venture in Africa. The confirmation came through Moove's announcement on LinkedIn shortly after this article's publication, solidifying Uber's strategic partnership with the African fintech.
Valuation Soars: Moove's Impressive Growth Trajectory
With the inclusion of sovereign wealth fund Mubadala and various other investors, Moove's post-money valuation skyrockets to an impressive $750 million. This substantial increase from its previous valuation of $550 million, secured in August through a Mubadala-led round, affirms Moove's remarkable growth trajectory and market dominance.
Diverse Investor Portfolio: Driving Financial Success
Dubai-based The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa joined forces with Uber and Mubadala in this latest funding round, showcasing Moove's widespread appeal and investor confidence. With a total of $250 million raised in equity and $210 million in debt, Moove stands poised for unparalleled expansion and innovation.
Accelerating Growth: Expansion Plans Unveiled
As Moove gears up to venture into new territories, its strategic roadmap aims to penetrate 16 markets by the end of 2025. Currently operating in 13 cities across six countries, including Nigeria, South Africa, Ghana, the U.K., India, and the UAE, Moove's ambitious expansion plans underscore its commitment to revolutionizing mobility financing on a global scale.
Empowering Drivers Worldwide
Moove's innovative approach to vehicle financing empowers drivers through a sophisticated credit-scoring system, enabling access to new vehicles for ride-hailing, logistics, and deliveries. By purchasing fleets of vehicles and offering financing options to drivers, Moove's platform ensures sustainable growth and financial inclusion for drivers across diverse markets.
As Uber leads the charge in Moove's latest funding round, the African mobility fintech embarks on a transformative journey towards unparalleled growth and innovation. With a soaring valuation and ambitious expansion plans, Moove is poised to redefine mobility financing dynamics across the African continent and beyond, empowering drivers and driving sustainable economic development.
