Moove, the Nigerian-born mobility fintech backed by Uber, is on the brink of becoming Africa’s next unicorn with a planned $300 million funding round that could drive its valuation beyond $1 billion. This announcement was made on Friday.
Ladi Delano and Jide Odunsi founded Moove in 2020 to allow ride-hailing drivers in Africa, India, and the UK to pay off and own cars with their earnings. This new funding will help Moove expand into global fleet management and autonomous vehicle operations.
Rapid revenue growth and global expansion
Moove’s growth has been nothing short of remarkable. Its annualised revenue surged from $115 million to $360 million in just over a year, indicating a monthly revenue of about $30 million. This growth is driven primarily by its core vehicle financing business for Uber drivers and its expanding fleet management operations in the United States. The company now operates in 13 markets, including the UAE, India, Mexico, and the U.S., where it manages electric vehicle fleets for Waymo, Alphabet’s self-driving vehicle division, in Phoenix and Miami.
The acquisition of Kovi, a Brazilian urban mobility provider, in late 2023 significantly boosted Moove’s revenue and expanded its footprint in Latin America. This strategic move reflects Moove’s ambition to deepen its presence in key growth markets and scale its electric vehicle fleet offerings globally. The company has also expanded its workforce to over 2,100 employees worldwide, hiring more than 90 staff in the U.S. alone this year to support its growing operations.
From vehicle financing to autonomous fleet management
Moove’s business model goes beyond traditional vehicle financing. Instead of standard loans, it offers revenue-based financing linked to drivers’ earnings, providing flexibility and reducing default risks, which is an approach that resonates well with gig workers who often face limited access to credit.
Recently, Moove has ventured into the autonomous mobility ecosystem by managing Waymo’s electric robotaxis fleets. This includes responsibilities such as cleaning, charging, and storing the vehicles when not in use, ensuring these autonomous cars are ready for commercial operations in new U.S. cities.
Co-founder Ladi Delano explained, “The current agreement with Waymo is limited to fleet management,” but Moove is preparing to take on a broader role. The company plans to purchase autonomous vehicles directly from manufacturers and lease mini-fleets of robotaxis to entrepreneurs or businesses, potentially including former ride-hailing drivers. Moove would control depot operations, including charging, cleaning, and storage. This strategy empowers drivers to transition into robotaxi fleet owners, blending ownership with operational scale.
Moove’s ability to secure $300 million in fresh capital, backed by investors like Uber and Mubadala Investment Company, highlights its growing importance in the global mobility ecosystem. Uber holds over a 10 per cent stake in Moove, reflecting strong investor confidence. The funding will help Moove cement its position as a leading enabler of sustainable urban transport worldwide, extending its influence beyond Africa to Latin America, Asia, the Middle East, and the U.S.