Moove, the pioneering mobility fintech company, has announced a significant milestone by raising $76 million in new funding.
The funding comprises $28 million in equity from both new and existing investors, spearheaded by Mubadala Investment Company (Mubadala), along with $10 million in venture debt from funds managed by BlackRock. Notably, an additional $38 million in previously undisclosed funds was raised over the past year, reflecting Moove’s growing prominence and potential.
This African-founded business, established in 2020, aims to address the critical issue of vehicle financing for more than two million mobility entrepreneurs across the African continent. The fresh funding underscores Moove’s unwavering commitment to its mission – creating the world’s largest tech-driven financial services platform tailored to meet the unique needs of mobility entrepreneurs.
The infusion of funds is a resounding endorsement of Moove’s prowess in customer service and its remarkable ability to navigate diverse markets, both in developing and developed economies.
Ladi Delano, Co-founder and Co-CEO of Moove, expressed his enthusiasm for the new partnerships: “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 months.”
Moove’s growth trajectory has been nothing short of remarkable, experiencing an astonishing 17-fold increase in revenue since its Series A funding round two years ago. The company’s innovative approach has empowered more than 12,000 customers, facilitating over 22 million trips utilizing Moove-financed vehicles across 13 markets. An impressive achievement, Moove stands as Uber’s largest vehicle financing partner in the EMEA region, further solidifying its role as a game-changer in the mobility sector.
Despite launching just four months ago, Moove has already made a substantial mark in the realm of electric vehicles (EVs), boasting the largest EV fleet by supply hours on the Uber platform in the UAE. This accomplishment underscores Moove’s commitment to sustainable and environmentally-friendly transportation solutions.
The infusion of $76 million in funding provides Moove with the resources necessary to fortify its position in the market, accelerate product development, and enhance customer experience. As Moove continues to reshape the mobility landscape with its innovative fintech solutions, its vision of transforming vehicle financing for mobility entrepreneurs appears poised to become a global reality.
