Moove Named Among Top 10 Global Fintech by Funding

Nigerian mobility financing company, Moove, has been recognised as one of the top 10 financial technology companies that raised the most funding in the first quarter of 2024. According to CB Insights’ Q1 2024 State of Fintech Report, Moove secured a $100 million investment in March, representing 1.4% of the total global fintech funding raised between January and March 2024.

The investment placed Moove in joint 8th position alongside Netherlands’ DataSnipper, USA’s FundGuard and Watershed, and Hong Kong’s HashKey, each of which raised $100 million. Moove’s successful funding round was notable not only within Africa but also on a global scale, highlighting the rising potential of African startups in the fintech sector.

Significant Funding for Expansion

Moove’s $100 million Series B funding round was led by its long-time e-mobility partner, Uber, marking Uber’s first significant investment in Africa. This funding round brings Moove closer to unicorn status, with a valuation of $750 million. The vehicle financing company plans to use the investment to expand its operations to 16 markets by the end of 2025. Currently, Moove operates in 13 cities across six countries, including Nigeria, South Africa, Ghana, the U.K., India, and the UAE.

Impact on African Startup Ecosystem

Moove’s $100 million funding round is the largest tech startup funding in Africa during the first quarter of 2024, accounting for 24% of the total $466 million raised by tech startups on the continent between January and March. The next highest tech startup funding in Africa was raised by Kenyan transport and logistic startup Roam, which secured $24 million.

Global Fintech Funding Leaders

On a global scale, the United Kingdom’s Monzo led the fintech funding list, raising $431 million in a Series I round in March, giving the startup a $5.1 billion valuation. The funding round, led by Capital G and supported by Tencent and Google Ventures, contributed 5.1% to the total global fintech funding for the quarter.

Following Monzo, the USA’s Flexport raised $260 million in convertible notes in January, contributing 3.6% to the total fintech funding for Q1 2024. American fintech Bilt Rewards raised $200 million in a Series C round, resulting in a $3.1 billion valuation and contributing 2.8% to the global total for the quarter.

Other notable fintech funding rounds in Q1 2024 included the USA’s Kore.ai, which raised $150 million, the U.K.’s Flagstone, which raised $139 million, and the Netherlands’ Mews, which raised $110 million. These successful funding rounds underscore the dynamic and growing nature of the global fintech sector, with Moove standing out as a significant player from the African continent.