Mobility fintech Moove secures $76m funding to fuel global expansion
Moove, which calls itself the “world’s first mobility fintech”, has raised a total of $76 million in fresh funding in a bid to expand globally.
Moove raises $76m
Of the total new funding, $28 million is in equity from new and existing investors, led by Mubadala; $10 million is in venture debt from funds and accounts managed by BlackRock; and $38 million is from a previously undisclosed fundraise held within the last year.
The latest funding follows a $30 million raise from a debut sukuk issuance arranged by Franklin Templeton Investments in December 2022, and brings Moove’s total funding to date to over $335 million across equity and debt.
Founded in 2020 in Nigeria, Moove started with the aim to address the lack of vehicle financing for African mobility entrepreneurs. Today, it operates in 13 markets across Africa, the Middle East, Europe and Asia.
The fintech embeds its alternative credit scoring technology onto ride-hailing, mass transit, logistics and instant delivery platforms, and uses performance and revenue analytics to underwrite customers that were previously excluded from gaining access to financial services.
With the fresh funding, Moove plans on investing further into its fintech platform, accelerate global expansion, launch new products and reach profitability by the company year-end.
“We believe Moove has the potential to play a vital part in the electrification of mobility,” comments Sean Dunne, managing director at BlackRock.
“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.”
