Moove Secures $100m Investment Led by Uber

Moove, a pioneering car-financing startup, has successfully raised $100 million in a Series B funding round, with Uber reportedly leading the investment charge. This development marks a significant milestone for the burgeoning company and underscores the growing importance of mobility fintech in catering to the needs of drivers in the gig economy.

Moove’s innovative business model offers individuals aspiring to join the ride-hailing sector the opportunity to acquire brand new vehicles through instalment payments spread over a four-year period. This approach not only facilitates access to reliable transportation for drivers but also serves as a catalyst for economic empowerment by enabling them to generate income through ride-hailing services.

The Series B funding round, which saw participation from Mubadala Investment Company—a key investor in Moove’s previous Series A round—alongside prominent names such as The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa, propels the company’s total funds raised to an impressive $460 million. Of this amount, $250 million constitutes equity investment, while $210 million comprises debt financing.

With ambitions set high, Moove intends to leverage this substantial capital infusion to fuel its expansion efforts, targeting the addition of 16 new markets to its existing operational footprint spanning six countries by the culmination of 2025. This strategic manoeuvre not only bolsters Moove’s global presence but also positions it as a formidable player in the competitive realm of mobility fintech.

The decision by Uber to spearhead this latest funding round underscores its strategic imperative to fortify its driver ecosystem and ensure a steady influx of drivers onto its ride-hailing platform. Collaborative ventures with entities such as SWVL and Kobo signify Uber’s concerted efforts to diversify its driver base and enhance the overall user experience for passengers.

For Moove’s CEO, Ladi Delano, the influx of capital and the backing of industry giants such as Uber validate the viability and efficacy of Moove’s business model. Since its inception in 2020 by co-founders Ladi Delano and Jide Odunsi, Moove has been at the forefront of addressing the inherent challenges of low credit accessibility within mobility markets. By offering revenue-based car financing solutions tailored to the needs of ride-hailing drivers, Moove has succeeded in democratising access to vehicle ownership while simultaneously fostering entrepreneurship within the gig economy.

This recent funding round also signifies Moove’s continued trajectory of growth and innovation. The company’s foray into the Indian market, coupled with strategic partnerships with industry leaders like Uber, underscores its commitment to driving sustainable mobility solutions on a global scale. The deployment of 25,000 electric vehicles in collaboration with Uber further underscores Moove’s dedication to promoting environmentally conscious practices within the ride-hailing sector.

Looking ahead, Moove remains poised to capitalise on emerging opportunities within the mobility space. Speculations abound regarding potential collaborations with ride-hailing platforms such as Bolt, which could further augment Moove’s reach and influence within key emerging markets. As the company continues to chart new territories and redefine the contours of mobility financing, its ascent heralds a new era of empowerment and inclusivity within the ride-hailing industry.