Uber Leads $100M Investment In Moove, The African Mobility Fintech Now Valued At $750M

Uber Technologies Inc. has officially led a $100 million Series B funding round for Moove, an African mobility fintech company. 

This investment propels Moove’s valuation to an impressive $750 million and marks Uber’s first foray into African continent investment.

Moove

Founded in Lagos in 2020 by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove has revolutionized vehicle financing.

It operates with a business model that provides access to vehicle ownership for mobility entrepreneurs who traditionally face barriers in accessing financing. 

Moove’s model allows drivers to own vehicles by paying a portion of their weekly income, which has shown huge success and scalability.

Uber’s Official Funding Round

Uber’s strategic investment in Moove aligns with its objective to strengthen partnerships and expand services in the global mobility sector. 

This collaboration is expected to enhance Moove’s operations, which already span significant markets, including Nigeria, South Africa, Ghana, the UK, India, and the UAE. 

With a focus on expanding to 16 markets by 2025 and prioritizing electric vehicles (EVs), Moove aims to contribute to a more sustainable and accessible global transportation landscape.

“We’re excited to announce the closing of our $100 million Series B round,” Moove announced.

“This round fuels our ambition to introduce 45,000 new vehicles, with a keen focus on electric vehicles (EVs), propelling us towards a more sustainable future.”

Mubadala, the Abu Dhabi-based sovereign investment fund, and other investors supported this funding round.