Mobility fintech Moove secures $100m Series B funding
Moove, a Nigerian mobility fintech providing vehicle financing to ride hailing and delivery app drivers, has raised $100 million in a Series B funding round.
Moove secures $100m Series B
The round featured participation from Uber and Abu Dhabi sovereign wealth fund Mubadala, and has raised the fintech’s valuation to $750 million.
Moove says it plans to use the funding to extend its revenue-based vehicle financing offering to 16 markets by the end of next year, and that a “considerable portion” of this expansion drive will focus on electric vehicles (EVs) in a bid to “lay the groundwork for a more sustainable and accessible mobility ecosystem”.
Since launching in 2020, Moove has become one of the best-funded fintechs in Africa, with its Series B building on the $76 million it successfully secured last year.
Prior to this, it had also raised $155 million from multiple rounds closed throughout 2022, which featured investors such as Left Lane Capital, Franklin Templeton Investments and British International Investment, among others.
Ladi Delano, founder of Moove, says its latest capital infusion will allow the fintech to “broaden our offerings by introducing 45,000 new vehicles to our platform”, in line with its intention to expand its operational capacity and strike profitability by the next financial year.
