FinTech: Africa-Focused, Mobility Financier Moove Raises $78M

August 11, 2023 | FinTech, News, Venture Capital

“At Moove, we’re democratizing access to vehicle ownership and empowering mobility entrepreneurs.” – Website

African-founded mobility fintech, Moove, has secured a substantial investment to further its mission of revolutionizing financial services for mobility gig workers. The company has raised a total of $76 million in new funding, comprising $28 million in equity from both existing and new investors, $10 million in venture debt from funds managed by BlackRock, and an undisclosed $38 million raised over the past year.

This brings Moove’s overall funding to more than $335 million since its establishment in 2020.

Moove was established in response to the lack of vehicle financing options available to over two million African mobility entrepreneurs. The company has experienced impressive growth, expanding globally across various regions. The funds raised will facilitate its ongoing mission to construct a comprehensive tech-driven platform catering to mobility entrepreneurs’ financial needs. Moove’s aspirations include launching new products and aiming for profitability by the end of the fiscal year.

This investment signifies the company’s capability to serve its customers effectively and succeed in diverse markets. Mubadala Investment Company, a major player in global investment, led the funding process. Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, will also join Moove’s advisory board, indicating a strategic partnership.

Moove’s track record is impressive, with 17-fold revenue growth since its Series A funding round two years ago. The company has empowered more than 12,000 customers, resulting in over 22 million trips taken in Moove-financed vehicles across 13 markets. It’s a key financing partner for Uber in the EMEA region and has quickly established the largest electric vehicle fleet on Uber’s platform in the UAE.

The funds secured align with Moove’s goal to provide financial services to traditionally underserved individuals, granting them access to credit, asset ownership, and economic stability.

As demand for mobility solutions continues to rise, Moove is poised to become a preferred financial partner for mobility entrepreneurs worldwide, leveraging its alternative credit scoring technology and revenue analytics to drive financial inclusivity and stability.

Related Story: Moove, An African Mobility Platform And Financier, Raises $105M

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Digital Assets: Epic Lays Off 830 Employees As Metaverse Underperforms
September 29, 2023     Digital Assets, News

Earlier today, Tim Sweeney, the head of Epic Games, shared an email with the company’s employees, announcing some significant changes within the organization. In this message, Sweeney discussed the necessity…
Artificial Intelligence: Mysterious US-Based Books3 Dataset Used To Train AI Was A Massive Trove Of Pirated Books
September 29, 2023     Artificial Intelligence, Latest News, News

Thousands of books penned by some of Australia’s most esteemed authors may have fallen victim to what Booker prize-winning novelist Richard Flanagan has described as “the biggest act of copyright…銅鑼灣_Causeway_Bay_銅鑼灣時代廣場_Times_Square_office_Tower_One_阿里巴巴_Alibaba_Hong_Kong_June_2022_Px3_03.jpg
FinTech: Ant’s Chongqing Consumer Finance Arm Raising $616M To Ramp Up Loans
September 29, 2023     FinTech, News

Chongqing Consumer Finance, the consumer finance arm of Ant Group, a prominent player in China’s financial technology landscape, is currently in the process of raising a substantial sum of fresh…
Venture Capital: Mercury’s Fund V Mops Up $160M For US Startups “Between The Coasts”
September 29, 2023     News, Venture Capital

Mercury Fund, the premier early-stage venture firm with a focus on non-coastal tech hubs, has successfully closed its largest fund to date, Mercury Fund V, with a total capital commitment…