Moove gets $100m from Uber and Mubadala in Series B.

TL;DR:

• Moove, a global mobility FinTech company, has secured $100 million in Series B funding from Uber and Mubadala, bringing its total valuation to $750 million.
• The funding will enable Moove to expand its revenue-based vehicle financing offering to 16 markets globally by 2025, with a focus on electric vehicles.

Moove, a global mobility FinTech company, has raised $100 million in a Series B funding round, led by ride-hailing giant Uber and Mubadala. This funding brings Moove’s total valuation to $750 million and will support the company’s expansion efforts to democratize access to vehicle ownership for mobility entrepreneurs worldwide. The funding will also allow Moove to introduce 45,000 new vehicles to its platform and expand its revenue-based vehicle financing offering to 16 markets globally by the end of 2025, with a significant focus on electric vehicles.

Since its founding in 2020, Moove has aimed to address the shortage of vehicle financing for African mobility entrepreneurs. With this latest investment, the company is on track to achieve profitability by the next financial year. Moove’s mission to empower mobility entrepreneurs with fair and accessible financing options has gained traction, with over 30 million financed trips completed for more than 20,000 entrepreneurs across three continents. Moove’s commitment to sustainability is also highlighted by its initiatives in the UAE, such as transitioning to a 100% EV fleet. The support from Mubadala further showcases Moove’s vision and capabilities in the mobility FinTech landscape.

The partnership with BofA Securities as the financial adviser further solidifies Moove’s position in the global mobility FinTech sector. This funding round signifies a significant milestone for Moove and reinforces its dedication to providing innovative solutions in the mobility industry while driving towards a zero-emission future.