Priya PatelTLDR:
- Moove, an African mobility fintech, raised $100m in a Series B funding round led by Uber.
- The funding will be used for global expansion plans, with a focus on electric vehicles.
Moove, a mobility fintech based in Africa, recently secured $100 million in a Series B funding round. The round was led by Uber and existing investor Mubadala, valuing the company at $750 million. This significant investment will enable Moove to expand into 16 markets by 2025, with a strong focus on electric vehicles (EVs). The company’s unique financing model involves purchasing fleets of vehicles and selling them to drivers through its platform, with financing options based on a credit-scoring system. Moove caters to ride-hailing, logistics, and delivery purposes, offering both traditional and EV options. The company has experienced impressive financial growth, with annual recurring revenue surpassing $115 million, and it is projected to achieve profitability in the next financial year. This latest funding round brings Moove’s total equity funding to $250 million and debt funding to $210 million since its launch in 2020.
Currently active in six markets, including the UK and the UAE, Moove sees the UAE as a pivotal market for its expansion plans. The country serves as the first market for Moove’s EV fleet, highlighting the company’s commitment to sustainable practices. Despite a challenging year for the EV industry, with growth figures falling short of expectations, Moove’s investment will allow it to introduce 45,000 new vehicles to its platform, supporting its goal of achieving profitability. With a strong focus on electric vehicles and global expansion, Moove is poised for further success in the mobility fintech sector.
