Moove, a mobility fintech startup based in Nigeria and Uber’s largest vehicle supply partner in EMEA, just announced an additional US$76 million in funding to support the company’s global expansion.
The investment round comprises US$38 million in previously undiscovered funding raised over the previous 12 months, US$28 million in equity from new and existing investors, and US$10 million in venture debt from funds and accounts managed by BlackRock.
Moove, founded in 2019 by Ladi Delano and Jide Odunsi, is making car ownership more accessible to the continent’s budding middle class by connecting mobility entrepreneurs with revenue-based vehicle financing.
The ride-hailing, e-logistics, and instant delivery platforms that Moove integrates its alternative credit scoring algorithm into allow it to leverage its own performance and revenue analytics to underwrite loans to drivers who were previously denied access to financial services.
According to Delano, “We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 month.”
The additional funds boost the overall amount of funding from commencement to approximately US$335 million.
According to Moove, the funds will be used to advance its goal of becoming the biggest tech-driven financial services platform for mobility entrepreneurs and to fortify its position on the international scene.
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