Nigerian mobility fintech operator, Moove has announced securing $76 million in new funding to power its global expansion drive.
The funding, according to a statement by the company, consists of $28m in equity from new and existing investors, and is coming just two months after it raised $8 million in financing from Absa Corporate and Investment Banking (CIB).
Ladi Delano, Co-founder and Co-CEO of Moove, who made the announcement, said the latest round of funding was led by Mubadala Investment Company (Mubadala), $10m venture debt from funds and accounts managed by BlackRock, and $38m in previously undisclosed funds raised during the prior twelve months.
“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,” the CEO said.
“With this investment, we will now accelerate our mission and continue creating life-changing opportunities for our customers while working towards profitability.
“It gives us great pride in seeing our customers build a better life for themselves and their families, and this funding will allow us to offer this chance to more entrepreneurs,” Delano added.
The startup, which provides vehicle financing to drivers of ride-hailing platforms like Uber, says it will use the funding to continue its mission to build the largest tech-driven financial services platform for mobility entrepreneurs, and strengthen its position on the global stage.
Founded in 2020 in response to the lack of vehicle financing faced by over two million African mobility entrepreneurs, Moove has gone on to have a global interest which has seen its business expand across multiple geographical locations.
It is now working towards further global expansion with plans to launch multiple new products and a goal to reach profitability by the company year-end.
Moove is Uber’s largest vehicle financing partner in EMEA and already operates the largest EV fleet by supply hours on the Uber platform in the UAE, despite launching only four months ago.