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African Startup Funding Tracker

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Mobility Fintech Company Moove Secures USD 76 M Funding
Mobility Fintech Company Moove Secures USD 76 M Funding

Moove, one of the world’s first mobility fintechs, announces today that it has secured USD 76 M in new funding, consisting of USD 28 M in equity from new and existing investors, in a round led by Mubadala Investment Company (Mubadala), USD 10 M venture debt from funds and accounts managed by BlackRock, and USD 38 M in previously undisclosed funds raised during the prior twelve months. The company 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.

Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, allowing mobility entrepreneurs access to proprietary performance and revenue analytics to underwrite loans. Its model is to provide loans to its customers by selling them new vehicles and financing up to 95 percent of the purchase within five days of signing up. 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.