Moove, an African mobility fintech that provides vehicle financing to drivers of ride-hailing platforms like Uber and other gig networks, has raised $78 million in new funding. The round was led by Mubadala Investment Company, with participation from BlackRock and other existing investors.
The funding will be used to expand Moove’s operations to new markets and to develop new products and services. Moove currently operates in 13 cities across Africa, Europe, the Middle East, and Asia. It is Uber’s largest vehicle supply partner across EMEA and claims to be India’s second-largest vehicle partner.
Moove was founded in 2020 by Ladi Delano and Jide Odunsi. The company’s mission is to “democratize access to vehicle ownership for mobility entrepreneurs.” Moove provides drivers with flexible financing options that allow them to get on the road without having to borrow from car owners or take out bank loans.
Moove’s funding round comes at a time when there is growing demand for vehicle financing solutions in Africa. The continent is home to a large and growing population of young people who are entering the workforce and looking for ways to make a living. However, many of these people lack access to traditional financial services, such as credit and loans.
Moove’s solution provides a much-needed alternative to traditional financing options. The company’s revenue-based financing model allows drivers to start driving immediately and to pay back their loans over time, with a small percentage of their earnings deducted each week. This makes it possible for drivers to get on the road even if they have limited financial resources.
Moove’s funding round is a sign of the growing interest in African startups that are addressing the continent’s unique challenges. The company is well-positioned to capitalize on the growing demand for vehicle financing in Africa and to become a leading player in the mobility space.