- Nigerian mobility fintech Moove has raised $100 million in a Series B funding round, led by participation from Uber and Abu Dhabi sovereign wealth fund Mubadala.
- This funding round has elevated Moove’s valuation to $750 million, signifying its substantial growth and investor confidence in its business model.
- Moove plans to utilize the funds to expand its revenue-based vehicle financing offering to 16 markets by the end of the next year.
- A significant portion of the expansion strategy will focus on electric vehicles (EVs), aligning with Moove’s goal of building a more sustainable and accessible mobility ecosystem.
- Founded in 2020, Moove has quickly become one of the best-funded fintech startups in Africa, building on the $76 million it raised in the previous year.
- Before the Series B round, Moove had secured $155 million from multiple funding rounds in 2022, involving investors like Left Lane Capital, Franklin Templeton Investments, and British International Investment.
- Ladi Delano, founder of Moove, highlights that the latest funding will enable the fintech to introduce 45,000 new vehicles to its platform, aiming to expand operational capacity and achieve profitability by the next financial year.
