Nigerian mobility startup, Moove, known for financing vehicles used in ride-hailing and logistics, is setting its sights on expanding operations into the United States.
The company, co-founded by Ladi Delano and Jide Odunsi, aims to make inroads into the U.S. market as part of its strategy to achieve profitability by 2025.
Since August 2024, Moove has been actively recruiting for positions in Los Angeles and California. These roles include a managing director and a head of debt capital markets, the latter being an important role in driving the company’s fundraising and handling complex financial transactions, as highlighted in job postings on LinkedIn.
This expansion follows Moove’s earlier announcement in March 2024, when it secured $100 million in investment from a range of backers, including Uber, Future Africa, and Dubai-based The Latest Ventures.
While Moove did not reveal the specific countries it plans to enter, the company made it clear that its focus would be on electric vehicle (EV) financing, with a goal to introduce greener transport options.
Currently operating in six markets including Nigeria, South Africa, Ghana, the U.K., India, and the UAE, Moove plans to double its footprint by expanding to six additional countries by 2025.
The startup’s operations in the UAE have already set a precedent, with a fully electric vehicle fleet contributing to a good number of EV trips on the Uber platform in that region.
Moove’s model involves selling vehicles to drivers and deducting a portion of their earnings on a weekly basis, allowing them to eventually own the vehicles.
This business approach has, however, faced challenges in its home market of Nigeria. Rising inflation and fuel price hikes have made it harder for drivers to meet their payment obligations.
The U.S. market, with its more stable economic conditions and advanced credit scoring systems, is likely to present fewer of these hurdles.
Whether Moove will need to adapt its revenue-based financing model for the U.S. is not yet known, but the company’s focus on expanding its EV fleet is clear.
Moove is thriving in its mission of supporting financial inclusion and sustainability, providing drivers with the opportunity to own their vehicles and offering greener transport solutions.
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