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Nigerian mobility fintech secures USD 100 mn from Mubadala + Uber: Nigerian mobility fintech Moove has secured USD 100 mn in its Series B funding round from UAE’s Mubadala and US-based Uber to expand EV financing services, according to a statement. No information was disclosed regarding how much Mubadala — who also led Moove’s USD 76 mn funding round with BlackRock last August — and Uber contributed to the round.
Where’s the money going? This investment will fuel Moove’s expansion into 16 markets by 2025, improving its vehicle financing and fostering growth in EV adoption. “This recent investment is a game-changer for Moove, enabling us to substantially broaden our offerings by introducing 45k new vehicles to our platform… with a significant focus on electric vehicles in partnership with Uber,” Moove’s founder Ladi Delano said. The company expects to turn profitable by the next financial year, the statement adds.
Who is Moove? The company is the world’s first mobility fintech which acts as a vehicle financing platform for mobility entrepreneurs, according to its website. Launched in 2020, the Nigerian startup is now Uber’s largest vehicle supply partner in EMEA and provides royalty-based financing to drivers of ride-hailing and delivery firms. The company provides loans to purchase or rent vehicles and enrolls drivers on Uber’s platform, subtracting rental fees on a weekly basis from their paychecks.
The company is active in the MENA region: The company raised USD 30 mn from a sukuk issuance to boost its expansion in the UAE with some 2k ride-hailing EVs in 2022. The company also has presence in 13 markets across nine countries — including Egypt, Kenya, South Africa, and India — in 2022 with a commitment to ensure at least 60% of the cars it financed are EVs. In Egypt, Moove works with Egypt-born mass transit app Swvl.
