Mobility fintech company Moove has announced it has raised $76 million in new funding. The funding is made up of $38 million in previously unreported funds raised over the previous 12 months, as well as $28 million in equity from new and existing investors in a process led by Mubadala Investment Company (Mubadala).
The funding will be used by the African-founded company to carry out its aim of becoming the biggest tech-driven financial services platform for mobility entrepreneurs and to fortify its position on the international scene.
Moove’s popularity has grown across Africa thanks to public interest. It is currently attempting to expand globally, with plans to launch multiple new products and a goal to reach profitability by the company’s year-end.
Ladi Delano, Co-founder and Co-CEO of Moove said: “We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets, including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.”
This investment is a testament to Moove’s capacity to satisfy clients in Africa’s emerging economies. With the funding, a partnership will begin, and Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, will join the Moove advisory board.
Since its launch, Moove has grown significantly, enabling over 12,000 clients to complete over 22 million trips in Moove-financed vehicles across 13 regions. Following its Series A fundraise two years ago, Moove experienced a 17x increase in income.
Although it only launched four months ago, the company is Uber’s largest vehicle finance partner in EMEA and already runs the largest electric vehicle fleet in the UAE by supply hours on the Uber platform.
Africa’s emerging economy provides the opportunity for Moove to become the financial services partner of choice for mobility entrepreneurs across the region. This opportunity is constantly expanding due to the increase in demand for mobility solutions.
According to Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, Moove has developed a highly scalable tech-enabled platform to assist mobility entrepreneurs internationally by giving them access to financing and other financial services they had not previously had.
Sean Dunne, Managing Director, BlackRock (formerly Kreos Capital), said: “We believe Moove has the potential to play a vital part in the electrification of mobility. Moove is providing its customers access to finance and the chance to participate in the transformation of the mobility sector, by growing its global EV fleet. As countries continue to develop, moving away from private car ownership, and towards shared mobility solutions and ride-hailing, Moove can be at the forefront of that change.”
