Moove – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Mon, 02 Feb 2026 12:03:36 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png Moove – Tech | Business | Economy https://techeconomy.ng 32 32 “Stop Chasing Investors”: Iyinoluwa Aboyeji Tells African Founders What Actually Scales https://techeconomy.ng/iyinoluwa-aboyeji-african-founders-scale/ https://techeconomy.ng/iyinoluwa-aboyeji-african-founders-scale/#respond Mon, 02 Feb 2026 12:03:36 +0000 https://techeconomy.ng/?p=175353 On Day Two of the Tech Revolution Africa Conference 2.0, themed “The Big Bold Step”, Iyinoluwa Aboyeji stressed that most founders in Africa are building the wrong things, for the wrong reasons, and measuring success the wrong way.

Speaking during an exclusive fireside chat titled ‘Beyond the Hype: What it really takes to build technology that scales in Africa,’ the serial entrepreneur and investor dismantled some of the most popular assumptions in African tech, challenging founders to rethink almost everything they believe about building technology on the continent, including the belief that scale begins with funding.

Aboyeji said that raising money is not the hardest part of building a technology company in Africa, and it may be the most overrated.

When you want to build beyond the hype in the world that we live in today, you also have to build beyond Africa. So when you say what it takes to build technology companies that scale in Africa, that’s a very limiting title, because you should be thinking beyond Africa.”

For Iyinoluwa Aboyeji, who has co-founded Andela, Flutterwave, Moove and investment firm Future Africa, scale does not start with geography, pitch decks or capital. It starts with the biggest perspective most founders avoid. Companies that last are not built for locations. They are built for people.

“The most important thing any business needs is a unique understanding of its customers. Technology transcends more than geography, and it’s more adaptive to psychographics than it is to geography.”

This misunderstanding, he said, is why many founders begin by copying Silicon Valley playbooks rather than defining what technology can truly do for their customers.

“A lot of people start off trying to figure out what Silicon Valley is doing, and I’m going to just build the Nigerian version.”

That approach, he said, usually leads to companies that look successful on the surface and raise money, but it rarely builds companies that reach scale and serve millions.

You can have a successful company, depending on how you measure success, by copying Silicon Valley, but in terms of scale, in terms of a product that goes deep into serving billions of customers, I’ve just never seen it work.”

The myth in African tech

Iyinoluwa Aboyeji repeatedly returned to what he described as the most damaging belief in the ecosystem. “The big myth that a lot of people have is that the most important thing you need for a startup is investment.”

Capital, he said, is not the foundation of scale. Customers are. “The most important thing any business needs is a unique understanding of their customer that is sufficiently differentiated from others, but comes from a place of real depth.”

He illustrated this with the origin of Moove, the mobility fintech he co-founded. The company started by addressing what seemed to be a Lagos problem, where drivers needed cars but could not afford to buy them.

What we didn’t realise was psychographic about that was that the problem of drivers without cars is a global problem.”

The insight became clear once the team stopped viewing the issue as local. “You go to London, all those drivers don’t own the cars they’re driving. You go to Dubai, Germany. When you break out of your geographic and demographic barrier, and you start going into the psychographic world, you’re going to unlock products that are global by nature.”

Why product–market fit is rare

Asked how founders should think about product–market fit, Aboyeji dismissed the way the term is usually used. “You have to have an obsession with your customers. When I say obsession, I don’t mean it lightly.”

As an investor, he said his firm reviews thousands of pitch decks but stops only when something genuinely unfamiliar appears. “We only stop to look when we see something that we’ve not seen before.”

He used a portfolio company, Filmmaker Smart, as an example, whose founding idea went against the dominant thinking in Africa’s creative economy.

Their core thesis was that nobody needs a movie studio. It’s too expensive and it doesn’t fit the way film is made in Africa.”

At the time, the idea sounded unreasonable. Today, the company is backed by IFC and Sony, generates six- and seven-figure revenues annually, and is used by major studios.

Somebody who understands a customer understands how to reimagine a world that they need to live in.”

Teams fail before products do

On building teams, Aboyeji spoke about where many founders go wrong. “I see a lot of people spend a lot of equity and money hiring engineers that don’t actually know anything about their markets.”

Skill alone, he said, is not enough.

If the person who’s actually going to be touching the product and building the product doesn’t have insight, you’re actually better off just using a contracting agency.”

What matters most, especially for co-founders, is commitment. “Passion is actually a Greek word that means something you’re willing to suffer for.”

He warned founders against carrying unwilling partners or begging co-founders to work. “If the moment you’re working with somebody who doesn’t feel a need to sacrifice, just know you’re alone.”

The cost of taking bold steps

Reflecting on his own “big bold step,” Iyinoluwa Aboyeji pointed to his decision to leave Andela at a time when the startup had Mark Zuckerberg as an investor and was already a large, successful business.

“I could have just stayed there, but I wouldn’t be a three-time founder if I didn’t make that move.”

The move to Flutterwave came with no safety net. “That entire first year there was no salary. I was borrowing money from my wife. That was my girlfriend.”

He described weekly flights between Lagos and San Francisco, sleeping on planes, and working across continents simply to keep the company alive.

Starting again, he said, has since become second nature.

On failure

Iyinoluwa Aboyeji addressed failure without trying to soften it. “The definite outcome of every startup is death.” What separates founders, he argued, is how they treat that reality. “There was a business that failed. It wasn’t you.”

He shared stories of early ventures that collapsed, near expulsion from university, and pivots that only worked after initial ideas failed. “Every company you see failed its way to becoming successful.”

The one thing founders must stop doing

During the rapid-fire round at the Conference, Aboyeji was asked what founders must stop doing if they want to succeed.

Raising money.”

He explained why. “Because customers are how you get money. Capital is customers.” 

Partaining the future, his outlook was: “African talent will dominate artificial intelligence.”

Stop copying, stop chasing investors, understand customers deeply, and accept failure as part of the work.”

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Moove to Close Africa’s Largest Tech Debt Deal with $1.2bn for U.S. Driverless Fleet with Waymo https://techeconomy.ng/moove-to-close-africas-largest-tech-debt-deal/ https://techeconomy.ng/moove-to-close-africas-largest-tech-debt-deal/#respond Thu, 03 Jul 2025 08:41:47 +0000 https://techeconomy.ng/?p=162297 Nigerian-founded mobility startup, Moove, is finalising a $1.2 billion debt financing deal to support the launch of an autonomous vehicle fleet in the United States in partnership with Alphabet’s self-driving arm, Waymo.

This move, if completed, will be one of the largest debt raises ever by an African tech company, and a big step by Moove in the competitive American mobility market.

Multiple sources close to the matter, who requested anonymity due to the private nature of the deal, revealed that the funding round is oversubscribed. 

A mix of private credit institutions and traditional banks are reported to be participating, suggesting a high level of confidence in Moove’s financial structure and business model.

There’s no official comment yet from Waymo, and Moove’s co-founder, Ladi Delano, did not confirm the details of the raise. However, he stated:

Moove has built strong relationships with some of the world’s leading lenders. We have also fully repaid our first-ever debt facilities, which signals our maturity and marks a key milestone that demonstrates the strength of our platform as we enter the next phase of global autonomous-vehicle infrastructure deployment.”

Moove has come a long way since launching in 2020. Initially built to finance vehicles for ride-hailing drivers across Africa, the company now has operations in more than a dozen countries, including Mexico, India, and the UAE. It currently manages a fleet of 38,000 vehicles.

Revenue performance has also been commendable. Sources say Moove has already pulled in close to $400 million in revenue this year, up from $275 million in 2024. On the back of that growth, the company has reportedly repaid $100 million in loans.

In December 2024, Moove entered a strategic deal with Waymo to finance and deploy self-driving vehicles. The model is changing as Moove plans not just to finance these cars, but to own and manage a fleet of autonomous vehicles in the U.S., a transition from its asset-light leasing strategy to a more infrastructure-heavy operation.

With full control of the fleet, Moove is going beyond enabling mobility to building an end-to-end logistics and transport system powered by autonomous tech. This could open new revenue streams and transform investor perception of the company, from a vehicle financier to a future-forward operator in the mobility tech space.

Despite challenges in the global venture capital space, Moove has kept raising. Last year, it secured $110 million, including a $100 million Series B led by Uber, which pushed its valuation to $750 million.

If this current $1.2 billion deal closes as expected, Moove would be edging closer to unicorn status, with the distinction of executing one of the largest debt deals ever seen from Africa. More importantly, it would place the startup squarely in the centre of a global push toward autonomous transport.

There are still questions about execution risk, regulatory navigation in the U.S., and the capital intensity of fleet ownership. But Moove is betting big and it’s doing so with lenders, not just equity backers, showing up at the table.

For an African startup that began with financing Uber drivers in Lagos, it’s a great pivot into a future where it may soon be running fleets of driverless cars across America.

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Moove Eyes $300M Raise to Fuel Global Robotaxi Goal, Get Unicorn Status https://techeconomy.ng/moove-eyes-300m-raise/ https://techeconomy.ng/moove-eyes-300m-raise/#comments Fri, 13 Jun 2025 10:18:02 +0000 https://techeconomy.ng/?p=161036 Moove, a Nigerian-founded mobility company backed by Uber, is currently in the market for $300 million in fresh capital, The Information reveals.

If successful, this raise will push its valuation beyond the $1 billion mark, giving the company unicorn status and enable Moove to become one of the top global drivers of sustainable urban transport.

In just over a year, Moove’s annual revenue jumped from $115 million to $360 million. That’s around $30 million a month, driven mostly by its core business of financing cars for Uber drivers and a newer, more focus on fleet management in the U.S. market. 

Moove is no longer just a vehicle financing outfit as it’s now embedding itself in the emerging world of autonomous mobility.

Moove is already managing fleets for Waymo, the self-driving arm of Google’s parent company Alphabet. In Phoenix and Miami, the company handles cleaning, charging, and storage of Waymo’s electric robotaxis. That may sound like back-end work, but it’s a tough role. 

As Waymo rolls out commercial operations in new cities, Moove ensures these vehicles are ready for the road every single day.

Co-founder Ladi Delano said, “The current agreement with Waymo is limited to fleet management.” But Moove wants more. The company is preparing to purchase autonomous vehicles (AVs) directly from manufacturers, lease them to entrepreneurs or businesses, and still maintain full control over their operations, from depot management to charging and cleaning.

Moove is betting that today’s Uber drivers could become tomorrow’s robotaxi fleet owners. By giving them access to mini-fleets of AVs, the company is creating a model where ownership and scale intersect, without sidelining drivers.

The strategy is already global. Moove has financed cars in Africa, India, and the UK, using a drive-to-own model that lets drivers eventually own the vehicles they work with. Now, it’s taking that experience into markets with far more complex regulatory and operational demands, like the U.S.

Its recent acquisition of Brazilian mobility startup Kovi also shows how far Moove is willing to go to scale quickly. That move instantly expanded its revenue base and widened its footprint in Latin America.

To date, the company has secured $750 million in funding, both debt and equity, from investors including Uber, which holds a stake of over 10%, and the Abu Dhabi-based Mubadala Investment Company.

Moove has hired over 90 people in the U.S. this year alone. Across the world, its workforce has grown to more than 2,100. This is a global operator with eyes on the evolving future of how people and goods move.

Moove is building the infrastructure behind the AV space. While companies like Waymo develop the tech, Moove is betting that whoever owns and runs the fleets, keeps them clean, charged, and on the road, will hold real power.

And that’s what this $300 million is really about.

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Moove Expands Global Fleet to 36,000 Vehicles with Kovi Acquisition https://techeconomy.ng/moove-expands-global-fleet-36000-vehicles-kovi-acquisition/ https://techeconomy.ng/moove-expands-global-fleet-36000-vehicles-kovi-acquisition/#comments Wed, 29 Jan 2025 14:04:47 +0000 https://techeconomy.ng/?p=152145 Moove, a mobility fintech company, has strengthened its global presence by acquiring Kovi, a Brazilian urban mobility provider. 

This expands Moove’s footprint in Latin America, adding to its operations across 19 cities on six continents. The acquisition increases Moove’s total fleet to 36,000 vehicles and boosts its annual revenue to $275 million. 

Kovi, founded in 2018, has built a strong presence in Brazil and Mexico by providing flexible vehicle access to ride-hailing drivers. The company’s proprietary IoT software and driver behaviour algorithms will now be integrated into Moove’s operations, enhancing efficiency and safety.

Ladi Delano, co-founder and co-CEO of Moove, said, “Kovi has built an impressive business with a robust presence in Brazil, one of the most dynamic mobility markets in the world. We’re thrilled to welcome them to the Moove family. This transaction not only strengthens our footprint in Latin America and reinforces our position as a dominant player in global mobility, but it also underscores our commitment to contributing to the Brazilian economy.”

Moove, which started operations in Lagos, Nigeria, in 2020, has greatly expanded, securing partnerships with companies like Uber. It offers financing solutions to ride-hailing and delivery drivers and has recently ventured into autonomous vehicle technology.

Kovi’s CEO, Adhemar Milani Neto, also shared his view about the deal. “Today, we stand at the forefront of a new era in mobility, and we believe that Moove has done a fantastic job at scaling their business on a global scale and with the right strategic angles. I met the founders many years back when they were scaling their business in Africa, and I was immediately impressed by their purpose-driven approach, which is also a perfect match to our culture. Together, I believe we will become a truly global category-defining business and will leverage scale and deep expertise never seen in our market.”

The financial terms of the deal have not been disclosed, but Moove confirmed that it was an all-share transaction, making Kovi a wholly owned subsidiary. The acquisition is still subject to regulatory approval from Brazilian authorities.

Moove has raised over $500 million in debt and equity funding from major investors, including Uber, BlackRock, and the World Bank’s International Finance Corporation (IFC). 

While Delano declined to comment on future fundraising plans, he emphasised that the company is focused on achieving profitability and scaling its mobility solutions worldwide.

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Kenya Leads Africa’s Startup Funding with $638m in 2024, Nigeria Follows with $400m https://techeconomy.ng/kenya-leads-africa-startup-funding-with-638m-in-2024-nigeria-follows-with-400m/ https://techeconomy.ng/kenya-leads-africa-startup-funding-with-638m-in-2024-nigeria-follows-with-400m/#comments Tue, 07 Jan 2025 13:37:04 +0000 https://techeconomy.ng/?p=150701 In 2024, Kenya was the leading destination for startup funding in Africa, having attracted $638 million in funding as revealed by Africa: The Big Deal.

This took up 29% of the total raised across Africa and topped the regional figures for East Africa, which as a whole, secured $725 million in funding, equivalent to one-third of Africa’s total startup investments. 

Being the second consecutive year the region maintained its top spot, even though there was an 18% year-over-year decline, Kenya received investments in sectors such as climate tech, including companies like d.light, SunCulture, and Basigo. 

Meanwhile, Tanzania and Uganda contributed $53 million and $19 million, respectively, making smaller but notable contributions to the region’s performance.

West Africa’s Recovery and Nigeria’s Steadfast Performance

West Africa ranked second in 2024, recording $587 million in funding—27% of the continent’s total. Nigeria led the region with over $400 million raised, maintaining parity with its 2023 performance and placing it among Africa’s top three startup markets. 

Major deals included Moove’s $110 million and Moniepoint’s $110 million, which helped boost the country’s startup sector despite economic challenges.

What further supported West Africa’s growth was its balanced contributions from other nations. Ghana raised $68 million, Benin $50 million, Côte d’Ivoire $33 million, and Senegal $22 million. 

This diversity strengthened the region’s place and mitigated the minor 3% decline in funding compared to the previous year.

North and Southern Africa Funding Declines

Northern and Southern Africa experienced funding contractions in 2024. North Africa raised $478 million, a 35% drop compared to 2023, primarily due to a 37% decline in Egypt, which accounted for 84% of the region’s funding. Morocco held steady with $70 million, but it was insufficient to offset Egypt’s steep decline.

In Southern Africa, funding fell by 36%, amounting to $397 million. South Africa, which accounted for 99.4% of the region’s funding, experienced a 34% drop. 

The region’s heavy reliance on South Africa continued to emphasize the limited contributions from neighbouring countries, further revealing its challenges in diversifying funding sources.

Central Africa Struggles to Gain Traction

Central Africa remained the least funded region, raising only $5 million in 2024—a sharp decline from its already low 2023 figures. The negligible contribution pointed to the region’s limited role in Africa’s startup industry.

Africa’s Big Four

Kenya, Nigeria, Egypt, and South Africa collectively accounted for 84% of all startup funding in Africa in 2024, maintaining a trend that started since 2019. These nations remain key in bolstering the continent’s investment sector.

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Techeconomy Business Series #1: Nigeria Tech Space from Independence to Digital Age https://techeconomy.ng/techeconomy-business-series-1-nigeria-tech-space-from-independence-to-digital-age/ https://techeconomy.ng/techeconomy-business-series-1-nigeria-tech-space-from-independence-to-digital-age/#respond Tue, 15 Oct 2024 19:49:51 +0000 https://techeconomy.ng/?p=145548 Techeconomy Business Series kicked off with a webinar last Thursday. Discussants dissected the technological advancement in Nigeria; highlighting the wins, challenges and opportunities.

The panelists: Hillary Utuke, Oluwabusuyi Adonis, Abraham Great and Cynthia Alabi and let’s not forget our amazing host, Imoh Anselem.

The webinar kicked off with a brief technological development from 1960 to date by Mr. Utuke. According to him, in 1960, there was more focus on industrialization and reliance on radio and basically telecommunication systems. Unfortunately, not everyone could afford it.

Policies were made in 1980 that resulted in a major liberation leading to increased Internet access and mobile penetration.

The Internet orchestrated the development of new business models and cross-border trade became enhanced, reaching more people.

However, as the Internet is perceived as an ocean by the first world countries, offering endless possibilities, for the developing economies like Nigeria, there are still challenges of availability and affordability. Thus, countries in this part of the world still view the Internet as water in a mug, thereby limiting people’s creativity and innovation.

The discussants unanimously agreed that despite efforts by the Government and private sector that led to over $75 billion investment in the telecommunications sector, there is need for improved actions to deepen penetration and cover clusters with no Internet access.

From the foregoing, technology advanced to Fintechs, Data Analytics and Artificial Intelligence, Blockchain and Cryptocurrency, amongst others.

An outstanding advancement tech, according to Mr. Utuke is the AI which has empowered humans to achieve more and even advance developments.

On his part, Mr. Adonis spoke about government’s role towards advancing tech space in Nigeria.

According to him, “they are trying in their own little way especially now that the population of the country is on the high side (approximately 250 million people)”.

He opined that technological advancement is mostly driven by entrepreneurs as evident in most countries, Nigeria inclusive.

“An undeniable example is the situation with the NASA (National Aeronautics and Space Administration) who sent some people to the space and needed the help of Elon Musk and his SpaceX to bring these people back. They are unfortunately still stuck there”, he explained.

Mr. Adnois further advised that Nigerians should not be limited to what the government can do, “entrepreneurs need to take advantage of the technological space. The government can help the technological advancement by creating an enabling environment that allows people access to technology”.

In her contributions, Cynthia Alabi emphasized that rural dwellers must be carried along in the technological advancement as means to drive inclusive growth.

She believes that most sectors in Nigeria are not lagging behind as perceived in most quarters.

According to her, innovation has permeated every sector in Nigeria; however, there are huge opportunities for improvements.

She gave example of Flutterwave that is innovating in the payment space making it easy to send and receive money abroad.

“Also, in the logistics and transportation sector, Moove has demonstrated capacity. This was an industry largely dominated by Uber’s innovation, but today we see LagRide and other hailing taxi apps.

While contributing to the discussion, Abraham Great said the government step up its support to emerging technologies by removing regulatory bottlenecks.

He added that the infrequent power supply in the country does not allow for proper usage of technology.

Making further contributions, Mr. Utuke said that advancing technology is for the good of the country. He cited ICT sector’s contributions to the nation’s GDP as an example, especially, coming out of COVID-19.

“The statistics say that in 2022, the tech industry contributed 16.2% to the country’s GDP. The Fintech, eCommerce and ICT sector has been major drivers to this growth”, said Mr. Utuke who expressed optimism that there will be more addition to the growth “if we move ahead from production and consumption to creation”.

“It is a known fact that Government will try to drill anyone that makes a notable creation in Nigeria so it means creating a solution without dependence on the government. This means, first, identify a problem, create a solution. This will attract investors who are scouting for innovative ideas. When all of these are in place, then the government will have no choice but to succumb”, he added.

The panelists at Techeconomy Business Series – Webinar also shed light on the opportunities in the tech space.

They believe the agricultural sector needs to be leveraged on and innovatively developed it into multi-billion industry capable of creating millions of jobs.

“Nigerians need to leverage our creative nature and develop things that are needed.  For instance, build your own AirBnB for Nigerians in diaspora; create a nice resort where they can come to relax when they come back to the country.

“Also to fast-track many things; leverage AI and digital marketing. Look at the problems in the country, create solutions and drive it from there. Don’t limit yourself to your locality”.

They also advised the techies to attend technological trade fairs, roadshows or exhibitions around the world, both online and on-site, to gain learn and relearn.

IN CASE YOU MISSED IT, Listen Here:

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Moove Accelerates Expansion with Mexico Launch, Just Two Months After U.S. Entry https://techeconomy.ng/moove-accelerates-expansion-with-mexico-launch-just-two-months-after-u-s-entry/ https://techeconomy.ng/moove-accelerates-expansion-with-mexico-launch-just-two-months-after-u-s-entry/#respond Tue, 15 Oct 2024 17:31:02 +0000 https://techeconomy.ng/?p=145521 Moove, a mobility fintech company, has expanded across Latin America with the launch of its operations in Mexico City. 

The expansion comes less than two months after the company entered the U.S. market, continuing its mission to provide vehicle financing and support to drivers.

In a statement on LinkedIn, Moove wrote: “Getting Mexico on the Moove! We’re excited to share that Moove has officially hit the streets of Mexico City! The first vehicles have been delivered to our drivers, marking a significant milestone in our LatAm expansion,” the company announced. 

With our Mexico team now fully onboard and operations underway, we’re driving towards a future of mobility that empowers drivers to achieve their goals and gain financial independence.”

Moove offers its customers financial independence by providing access to vehicle financing through its innovative lease-to-own model. The company partners with ride-hailing and delivery platforms, enabling drivers to own their vehicles while earning an income. 

The goal is to create a positive social and economic impact by offering drivers in emerging markets access to vehicles and financial services.

Moove has set goals to further drive its impact globally, including gender equality, targeting a 50% female customer base, and promoting clean energy by building the world’s largest hybrid and electric vehicle fleet.

The company also focuses on financial inclusion, ensuring that customers have access to financial services that may have previously been out of reach.

Currently operating in seven countries including Nigeria, South Africa, Ghana, the UK, India, the UAE, and the US, Moove aims to enter new markets by 2025 as part of its growth strategy and its entry into Mexico is in line with this goal. 

Ladi Delano and Jide Odunsi founded Moove in 2020 to provide vehicle financing solutions to ride-hailing drivers. These drivers can gradually own their vehicles, with payments automatically deducted from their weekly earnings.

In recent years, Moove has shifted its focus towards electric vehicles (EVs), with its entire fleet in the UAE now fully electric as of 2023. The company has also rolled out EVs in the UK and is preparing to introduce more than 20,000 electric vehicles into its Indian market.

With Moove’s operations in Mexico City, the company looks ahead to further growth across Latin America. “This is just the beginning, and we’re proud to play a role in creating a positive impact across the region,” Moove emphasized.

Drivers in Mexico City can now apply to Moove, get verified, and start driving with one of its partner platforms, joining the global community of drivers working towards vehicle ownership and financial independence. 

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Moove Expands into U.S. Market with Focus on Electric Vehicles and Global Growth https://techeconomy.ng/moove-expands-into-u-s-market-with-focus-on-electric-vehicles-and-global-growth/ https://techeconomy.ng/moove-expands-into-u-s-market-with-focus-on-electric-vehicles-and-global-growth/#respond Thu, 12 Sep 2024 11:56:04 +0000 https://techeconomy.ng/?p=142970 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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African Mobility Fintech Moove Secures $100 Million Funding to Fuel Expansion https://techeconomy.ng/african-mobility-fintech-moove-secures-100-million-funding-to-fuel-expansion/ https://techeconomy.ng/african-mobility-fintech-moove-secures-100-million-funding-to-fuel-expansion/#comments Tue, 19 Mar 2024 16:41:38 +0000 https://techeconomy.ng/?p=127525 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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Moove Introduces Fuel Subsidy for Users via N500m Moove Cares Programme https://techeconomy.ng/moove-introduces-fuel-subsidy-for-users-via-n500m-moove-cares-programme/ https://techeconomy.ng/moove-introduces-fuel-subsidy-for-users-via-n500m-moove-cares-programme/#respond Mon, 18 Mar 2024 12:41:08 +0000 https://techeconomy.ng/?p=127407 Moove, the world’s first mobility fintech platform, has launched its ‘Moove Cares’ program, introducing a substantial support package aimed at mitigating the adverse effects of ongoing inflationary prices in Nigeria.

Recognizing the challenges posed by rising fuel prices for its customers managing their businesses and the additional burden of inflationary food prices on household budgets, Moove is providing support both at work and at home.

This program includes fuel subsidies to assist with business operations and a comprehensive care package to support households during these difficult times.

This program underscores Moove’s dedication to ensuring its positive impact on the lives of its customers, especially against the backdrop of Nigeria’s challenging and chronic economic landscape.

Nigeria, Africa’s largest economy, is grappling with an acute cost of living crisis and food prices, exacerbated by a confluence of factors including severe inflation, currency fluctuations, and logistical disruptions.

This crisis has pushed essential food items beyond the reach of many, with the Nigeria Bureau of Statistics reporting a staggering 35.41% food inflation rate in January 2024 alone.

In the wake of the removal of the fuel subsidy in May, fuel prices in Nigeria have soared to an all-time high, reaching N610 per litre, marking a significant increase from the previously subsidized price of N264 per litre in March 2023.

This sharp increase of fuel costs by 131% has had a ripple effect across various sectors, notably leading to increased transportation fares and a substantial hike in food prices and other essential goods.

Recognizing the situation’s urgency, Moove has committed to distributing free-of-charge ‘Moove Cares’ packages worth over N150,000 to each of its customers.

Starting next week, the program aims to mitigate the impact of high fuel prices and escalating food prices, particularly during the critical periods of Easter and Ramadan celebrations.

‘Moove Cares’ is a testament to Moove’s proactive approach towards corporate social responsibility and customer focused support in these challenging times for the country.

Taiwo Ajibola, Moove’s regional managing director for Nigeria, elaborated on the program objectives;

“As a listening organisation, we understand from our customers’ feedback the pressing need for support amidst the ongoing cost of living crisis affecting both fuel and food prices. Our Moove Cares program is our small way of providing much-needed support to our customers amidst this extremely challenging economic  environment.”

Since its inception in 2020, Moove has been at the forefront of democratizing access to financial services for mobility entrepreneurs. With a presence in 9 markets globally, Moove’s innovative platform has facilitated over 30 million trips, significantly impacting the lives of 80,000 of its customers and their dependents.

As Nigeria navigates through these turbulent economic times, the ‘Moove Cares’ campaign stands as a vital lifeline for Moove’s customers, further solidifying the Company’s position as a socially responsible leader in the mobility fintech sector.

Through this comprehensive support package, Moove reaffirms its dedication to fostering a resilient and thriving community, capable of overcoming the current economic challenges.

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