Moove, an African mobility fintech that eases access to vehicle ownership for mobility entrepreneurs, raised USD$100M in Series B funding, at $750M valuation.
The round saw participation from Uber as well as existing investors Mubadala, The Latest Ventures, Africinvest, Palm Drive Capital, Triatlum Advisors AG, and Future Africa.
The company intends to use the funds to scale globally extending its operations to 16 markets by the end of 2025.
Founded by Ladi Delano, Moove is a global mobility fintech that embeds alternative credit scoring technology onto ride-hailing platforms, using proprietary performance and revenue analytics to underwrite customers that have previously been excluded from financial services. It operates in 9 markets across Africa, Middle East, Europe and Asia. Its customers have completed more than 30 million trips in Moove-financed vehicles to date.
Commenting on the news, Ladi Delano said: “This recent investment is a game-changer for Moove, enabling us to substantially broaden our offerings by introducing 45,000 new vehicles to our platform. This funding milestone not only expands our operational capacity but also supports our drive to profitability by the next financial year. We are committed to building Moove in a sustainable, customer focused and profitable way.“
FinSMEs
19/03/2024