The funding round led by Mubadala and BlackRock brought African-born, global mobility fintech Moove $76M to accelerate its expansion
An impact-driven African fintech Moove has raised $76 million in total new funds to accelerate its mission to transform financial services for mobility gig workers.
The new funding consists of $28m in equity from new and existing investors, 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 year.
Fresh money will be used to continue the startup’s mission to build the largest tech-driven financial services platform for mobility entrepreneurs (engaged in shared mobility solutions and ride-hailing) and fuel the platform’s global expansion.
The Moove fintech solution aims to tackle the lack of vehicle financing faced by over two million African mobility entrepreneurs. It helps those mobility gig workers who are unbanked or underserved by traditional lenders to obtain revenue-based vehicle financing.
Since its initial fundraise in 2020, the Nigerian startup has reportedly seen 17x revenue growth, enabling more than 12,000 customers to complete more than 22 million trips in Moove-financed vehicles across 13 markets.
The business is Uber’s largest vehicle financing partner in EMEA. Besides, the company states it operates the largest EV fleet by supply hours on the Uber platform in the UAE, although Moove started providing its services there only four months ago.
Today, the business plans to expand across multiple new geographies and expand its product proposition. Moove also aims to reach profitability by the company’s year-end.
“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,” says Ladi Delano, Co-founder and Co-CEO of Moove.