Moove raises $76m to expand its mobility fintech platform globally

Moove, a mobility fintech company that provides vehicle financing for ride-hailing drivers, announced on Thursday that it has secured $76m in new funding from Mubadala Investment Company, BlackRock, and other investors.

The company, which was founded in 2020 in Africa, said 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. Moove plans to launch multiple new products and reach profitability by the end of the year.

Moove operates in 13 markets across Africa, Europe, Asia, and the Middle East. It 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.

Moove’s co-founder and co-CEO Ladi Delano said in a statement: “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 business model is based on offering revenue-based financing and access to asset ownership for mobility drivers who are unbanked or underserved by traditional lenders. The company claims to have empowered over 12k customers who have completed over 22 million trips in Moove-financed vehicles.

Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, one of the new investors in Moove, said: “Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.”

Sean Dunne, Managing Director at BlackRock, another new investor in Moove, said: “We believe Moove has the potential to play a vital part in the electrification of mobility. Moove is providing its customers access to finance and the chance to participate in the transformation of the mobility sector, by growing its global EV fleet. As countries continue to develop, moving away from private car ownership, and towards shared mobility solutions and ride-hailing, Moove can be at the forefront of that change.”

As an impact-driven fintech, Moove said it is proud to see its customers build a better life for themselves and their families, and that this funding will allow it to offer this chance to more entrepreneurs.