Home Business Moove Secures $100M Led by Uber for Ride-Hailing
BusinessFinanceTechnology

Moove Secures $100M Led by Uber for Ride-Hailing

581

According to TechCrunch, car-financing startup Moove has raised $100 million in a Series B round reportedly led by Uber. This funding round brings Moove’s total raised funds to approximately $460 million, with $250 million in equity and $210 million in debt.

Mubadala Investment Company, a sovereign wealth fund investor in Moove’s Series A round, also participated in the Series B round. Other investors include The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. Moove, which operates in six countries, plans to expand to 16 additional markets by the end of 2025.

Bloomberg reported in February that Uber’s potential equity investment in Moove aligns with Uber’s strategy to secure a reliable pool of drivers for its ride-hailing platform. Moove’s CEO, Ladi Delano, sees this move as a validation of Moove’s business model.

Moove, founded in 2020 by Ladi Delano and Jide Odunsi, addresses the challenge of low credit access in mobility markets by offering revenue-based car financing to ride-hailing drivers. The startup enables drivers to purchase new vehicles using a share of their weekly earnings and boasts $90 million in annual recurring revenue.

In addition to its expansion plans, Moove is considering a partnership with Bolt to broaden its ride-hailing offerings in key emerging markets.

Read: Brazil’s Former President Indicted For Allegedly Forging Covid-19 Certificate

About The Author

Written by
Ikenna Churchill

Culture storyteller

Related Articles

FinanceNews

Niger Unveils Major Tax Overhaul with New General Tax Code Effective in 2026

Niger has adopted a new General Tax Code, scheduled to take effect...

NewsTechnology

Office du Niger Unveils Plan to Transform Mali into a Leading Agro-Industrial Power by 2063

Office du Niger, Mali’s largest agricultural basin and a pillar of national...

FinanceNews

Cedi@60: Bank of Ghana Vows to Keep Currency Stable, Sustain Economic Stability

The Bank of Ghana (BoG) has reaffirmed its commitment to protecting the...

FinanceNews

Malian Court Jails Former Minister Cissoko Over Presidential Jet Scandal; Others Sentenced in Absentia

The Special Assize Court in Bamako has delivered its long-awaited verdict on...