Uber invests in African mobility fintech Moove

The company has raised $250m in equity and $210m in debt and served more than 20,000 customers since it was founded in 2020

Nigeria-founded mobility fintech Moove has raised $100m in a series B funding round, bumping up its valuation to $750m.  

Uber invested in the round alongside UAE-based Mubadala, which led Moove’s previous funding round in 2023. The Latest Ventures, Africinvest, Palm Drive Capital, Triatlum Advisors AG and Future Africa also participated in the round.  

The fresh funds will help Move to introduce 45,000 new vehicles, with a focus on electric vehicles (EV), to 16 markets around the world by 2025. It currently operates in Kenya, South Africa, Egypt, Nigeria, Ghana, India, the UK, the UAE and Uganda. Alongside Uber, it also works with Glovo, Sendy, Kobo and Swvl.  

The company has raised $250m in equity and $210m in debt and served more than 20,000 customers since it was founded in 2020.  

Moove is now headquartered in Dubai, as the UAE is a key market for the company. It is the first market where Moove launched its charging solution. And the company provided the largest number of EV trips on the Uber UAE platform in 2023.  

Ladi Delano, founder of Moove, said: “When we founded Moove, we were motivated to solve the acute shortage of vehicle financing that over two million African mobility entrepreneurs faced. 

“This infusion of capital is set to amplify the immensely positive impact our products have in the lives of our customers on a much broader spectrum. This funding milestone not only expands our operational capacity but also supports our drive to profitability by the next financial year.”  

Moove is also looking to operate more sustainably, with the electrification of mobility, as the world aims to transition towards zero emissions.  

Ali Eid Al Mheiri, executive director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, commented on the round: “We are proud to continue supporting Moove through our second round of funding, not only as a testament to our commitment to nurturing the startup ecosystem in the UAE but also as a reflection of our renewed trust in Moove’s vision and capabilities.  

“This follow-on investment exemplifies Mubadala’s strategy of deploying capital to drive positive change in communities, in addition to fostering innovation and entrepreneurship across the UAE.” 

Image: Moove 

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.