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