Priya Patel
TLDR:
Moove, an African mobility fintech, has raised USD 100 M in a Series B funding round led by Uber. The company offers vehicle financing to ride-hailing and delivery app drivers and plans to expand into new markets. Moove’s alternative credit-scoring technology allows mobility entrepreneurs access to performance and revenue analytics to underwrite loans. The company operates in 13 cities across six markets and aims to expand to 16 markets by 2025.
Summary:
Moove, an African mobility fintech startup, has successfully raised USD 100 million in a Series B funding round. The funding was led by Uber and also included investors like the sovereign wealth fund Mubadala Investment Company. This investment has increased Moove’s post-money valuation to USD 750 million. The company has raised a total of USD 250 million in equity and USD 210 million in debt so far.
Moove’s business model revolves around offering vehicle financing to ride-hailing and delivery app drivers. The company embeds its alternative credit-scoring technology onto these platforms, allowing entrepreneurs access to proprietary performance and revenue analytics to underwrite loans efficiently. Moove provides loans to its customers by selling them new vehicles and financing up to 95 percent of the purchase within a short period of five days.
The company currently operates in 13 cities across six markets, including Nigeria, South Africa, Ghana, the U.K., India, and the UAE. With the fresh capital from this funding round, Moove plans to expand its revenue-based vehicle financing platform to 16 markets by the end of 2025. This expansion will help the company reach more customers and solidify its presence in the mobility fintech space.
