Moove, a Nigerian mobility fintech startup, offering vehicle financing to ride-hailing and delivery app drivers, has secured $100 million in a Series B funding round led by Uber.
This investment in Moove marks Uber’s first in an African-founded startup and is a strategic move to ensure a steady supply of drivers for its ride-hailing platform.
The mobility company plans to use the new capital to expand its revenue-based vehicle financing platform to 16 markets by the end of 2025. Moove currently operates in 13 cities across six markets, including Nigeria, South Africa, and the UAE.
A significant portion of its expansion will focus on electric vehicles (EVs) as the company aims to create a more sustainable transportation ecosystem.
However, Moove, now valued at $750 million, acknowledges challenges in implementing EVs across Africa due to poor road conditions and a lack of charging infrastructure. As a result, the company is considering natural gas vehicles as an alternative for the African market.
The company has also faced challenges with driver economics in Nigeria, its initial largest market. To address these concerns, the company has implemented initiatives such as reducing weekly remittances and offering fuel subsidy plans.
Despite the challenges, Moove remains committed to the Nigerian market and its mission of providing vehicle financing and generating employment opportunities for drivers across Africa.
Looking ahead, Moove plans to diversify its offerings by partnering with various ride-hailing, logistics, and delivery platforms. The company has also secured a deal with Bolt, a major competitor to Uber, to expand its reach in the ride-hailing category.
This funding round comes after a year of significant growth for Moove. The company has grown its customer base to over 20,000 and facilitated over 30 million trips.
Moove is also on track to achieve profitability in the upcoming financial year. With this new funding, Moove is ready for further expansion in Africa and other emerging markets.
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