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Updated March 19th, 2024 at 17:20 IST

Uber-backed Moove secures $100 million funding, valued at $750 million

The Series B funding round, spearheaded by Uber and supported by existing investors such as Mubadala, marks another significant milestone for Moove.

Reported by: Business Desk
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Moove, a Nigerian-founded startup specialising in revenue-based vehicle financing, announced on Tuesday that it has successfully closed a $100 million funding round, elevating its valuation to $750 million.

Established in 2020, Moove revolutionises vehicle financing by employing a credit scoring system to extend financial support to customers aiming to acquire new vehicles for ride-hailing, logistics, and delivery services, enabling them to repay using a portion of their weekly revenue.

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The Series B funding round, spearheaded by Uber and supported by existing investors such as Mubadala, marks another significant milestone for Moove.

With this fresh injection of capital, the United Arab Emirates-based Moove plans to broaden its vehicle financing solutions, aiming to penetrate 16 markets worldwide by the conclusion of 2025, as stated by the company in a press release.

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Ladi Delano, the visionary behind Moove, expressed his enthusiasm regarding the funding round, highlighting the startup's ambitious target of adding 45,000 new vehicles to its platform with the latest infusion of funds.

"This funding milestone not only expands our operational capacity but also supports our drive to profitability by the next financial year," said Delano. He further emphasized the endorsement received from Uber and other investors as a validation of Moove's transformative impact on the industry.

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Since its inception, Moove has secured a total of $250 million in equity funding, supplemented by an additional $210 million from debt funding, solidifying its position as a frontrunner in the vehicle financing landscape.

(With Reuters inputs)
 

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Published March 19th, 2024 at 17:20 IST

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