Moove, the African mobility fintech has secured $76 million in new funding, consisting of $28m in equity from new and existing investors. The funding comes just two months after the startup raised another $8 million in financing from Absa Corporate and Investment Banking (CIB),
This latest round of funding was led by Mubadala Investment Company (Mubadala), $10m venture debt from funds and accounts managed by BlackRock, and $38m in previously undisclosed funds raised during the prior twelve months, Moove said in a statement.
The startup, which provides vehicle financing to drivers of ride-hailing platforms like Uber says it will use the funding to continue its mission to build the largest tech-driven financial services platform for mobility entrepreneurs and strengthen its position on the global stage.
“We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.” Ladi Delano, Co-founder and Co-CEO of Moove said.
Moove was founded in 2020 in response to the lack of vehicle financing faced by over two million African mobility entrepreneurs. Global interest has seen the business expand across multiple geographies. It is now working towards further global expansion with plans to launch multiple new products and a goal to reach profitability by the company year-end.
The company has gone from strength to strength since its inception, experiencing 17x revenue growth following its Series A fundraise two years ago, and empowering over 12k customers who have completed over 22 million trips in Moove-financed vehicles across 13 markets. The business is Uber’s largest vehicle financing partner in EMEA and already operates the largest EV fleet by supply hours on the Uber platform in the UAE, despite launching only four months ago.
“With this investment, we will now accelerate our mission and continue creating life-changing opportunities for our customers while working towards profitability. It gives us great pride in seeing our customers build a better life for themselves and their families, and this funding will allow us to offer this chance to more entrepreneurs.” Ladi Delano adds.