Kelvin Bowoto
Moove, an auto-financing business that allows anyone interested in ride-hailing to purchase a brand new car and pay in installments over a four-year period, has raised $100 million in a Series B round headed by Uber, according to TechCrunch.
Bloomberg reported in February that Uber was considering a stock stake in the company. The current investment round takes Moove’s total capital raised to date to approximately $460 million, with $250 million in equity and $210 million in debt.
Mubadala Investment Company, a sovereign wealth fund that previously invested in Moove’s Series A round, also took part in the Series B investment. The following investors participated in the round: The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. Moove, which currently operates in six countries, plans to use the fresh funds to expand into 16 more regions by the end of 2025.
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According to TechCrunch, the move reflects an effort by Uber—which has worked with numerous others, including SWVL and Kobo—to secure a consistent stream of drivers for its ride-hailing network. Ladi Delano, Moove’s CEO, sees the decision as a vindication of the company’s business approach.
The mobility fintech pioneer, which provides vehicle financing to ride-hailing and delivery app drivers, has raised $460 million in equity and debt, increasing its valuation to approximately $750 million from $550 million.
In February, the company secured $10 million to expand its footprint in India, where it had previously operated in three locations. In 2023, Moove collaborated with Uber to install approximately 25,000 electric vehicles on its ride-sharing platform in India.
Moove, founded in 2020 by Ladi Delano and Jide Odunsi, addresses low credit access in mobility areas by providing revenue-based car financing to ride-hailing drivers. Customers purchase new vehicles with a portion of their weekly wages, and the firm generates $90 million in yearly recurring revenue.
According to TechCrunch, Moove is also eyeing a partnership with Bolt to boost its ride-hailing choices in important emerging areas.
Techrectory with Agency Report.
