Moove, the global mobility fintech startup founded by British-Nigerian entrepreneur Ladi Delano, has closed a $100 million Series B fundraising round. The funding, led by notable investors such as Uber Technologies and Mubadala, marks a watershed moment for the firm, which is now valued at $750 million.
With a focus on improving its customer-centric revenue-based auto financing services, Moove intends to use this latest capital round to fuel its ambitious expansion goals across 16 markets worldwide by the end of 2025.
The emphasis on facilitating access to electric cars (EVs) is central to this strategic plan, demonstrating Moove’s commitment to promoting a global, sustainable, and inclusive transportation ecosystem.
The announcement of Moove’s Series B fundraising not only signals a big milestone for the fintech firm but also puts to rest concerns over Uber’s role in aiding the African startup. This agreement demonstrates the industry’s recognition of Moove’s ability to transform mobility financing, especially in emerging regions where access to such services remains limited.
Reflecting on this success, Moove’s Founder, Ladi Delano, expressed thanks for the investment’s transformative impact on the company’s purpose, saying: “Today’s announcement marks a big milestone for us. This infusion of funding is expected to enhance the enormously good impact our products make on the lives of our clients on a much larger scale.”
Moove, founded in 2020 by Ladi Delano and Jide Odunsi, has quickly emerged as a prominent player in the mobility fintech sector, addressing the acute scarcity of vehicle financing for more than two million African mobility entrepreneurs. As Uber’s official car loan and vehicle supply partner in Sub-Saharan Africa, Moove has established a strong presence in major cities across the region, demonstrating extraordinary growth with over 50 percent month-on-month expansion since its launch.
The company’s commitment to innovation and sustainability is exemplified by its activities in the UAE, where it has pioneered projects such as fully integrated charging solutions and the transition to a 100 percent electric fleet.
Moove has helped over 20,000 mobility entrepreneurs across three continents, resulting in over 30 million financed trips and an annual recurring revenue of more than $115 million. The company’s trajectory illustrates not just its dedication to addressing mobility issues, but also its goal for bringing good change to the global transportation sector.
