African Mobility Fintech Moove Raises USD 100 M Series B Round

Moove, an African mobility fintech that offers vehicle financing to ride-hailing and delivery app drivers, has raised USD 100 M in a funding round as it plots expansion into new markets. The round was led by Uber (reportedly), and included sovereign wealth fund Mubadala Investment Company, pushing Moove’s post-money valuation to USD 750 M. Dubai-based The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa also participated in the funding round. Moove has raised USD 250 M in equity (and USD 210 M in debt) to date.

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. The company operates in 13 cities across six markets, including Nigeria, South Africa, Ghana, the U.K., India and the UAE. The company says it plans to use the new capital to expand its revenue-based vehicle financing platform to 16 markets by the end of 2025.