TLDR:
Moove, a Nigerian mobility fintech, has secured $100 million in Series B funding from investors like Uber and Abu Dhabi sovereign wealth fund Mubadala. The funding will enable Moove to expand its revenue-based vehicle financing offering to 16 markets and focus on electric vehicles. This makes Moove one of the best-funded fintechs in Africa, with plans to introduce 45,000 new vehicles to its platform.
Article Summary:
Moove, a Nigerian mobility fintech, has successfully raised $100 million in Series B funding from investors like Uber and Abu Dhabi sovereign wealth fund Mubadala. The round has increased the fintech’s valuation to $750 million. This funding will allow Moove to extend its revenue-based vehicle financing offering to 16 markets by the end of the following year, with a specific focus on electric vehicles to promote sustainability in the mobility ecosystem.
Since its launch in 2020, Moove has become one of the best-funded fintechs in Africa. This Series B funding builds on the $76 million raised last year, as well as the $155 million from previous rounds in 2022. Ladi Delano, the founder of Moove, expressed plans to introduce 45,000 new vehicles to the platform to broaden its offerings and increase operational capacity, aiming to achieve profitability by the next financial year.
With the goal of promoting financial inclusion and access to mobility services, Moove’s funding and expansion plans align with the broader fintech industry’s focus on innovation and growth. By introducing more electric vehicles and expanding its reach, Moove is paving the way for a more sustainable and accessible mobility ecosystem in African markets and beyond.
