Moove, the African vehicle-financing startup backed by Uber, is targeting a valuation exceeding $2 billion in its latest funding round, aiming to raise over $300 million in fresh equity.
Moove, founded in 2020 by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, has grown swiftly, providing automobile finance to drivers without traditional credit.
“Our proprietary credit-scoring model enables drivers to acquire vehicles for ride-hailing, logistics, and delivery, repaid via a percentage of weekly earnings,” Moove’s approach underlines the firm’s innovative edge.
Moove’s imminent funding could elevate the company to the ranks of Africa’s most valuable firms, a reflection of the rapidly expanding tech sector on the continent.
Moove’s rapid market expansion and revenue growth
The company operates in over a dozen countries, including rising markets like India, Mexico, and the UAE. EBITDA breakeven was attained in late 2024 as Moove’s annual recurring revenue grew from $50 million to approximately $400 million.
Moove’s $1 billion debt financing in July marked a milestone for its joint autonomous car deployment with Waymo and U.S. operations. With the $300 million equity round, Moove hopes to expand these initiatives.
According to experts, hitting $2 billion will boost Moove’s appeal to global investors and credibility in new foreign markets.
Moove’s Waymo cooperation shows its shift from automobile financing to autonomous mobility in support of autonomous vehicles. Ahead of commercial self-driving services in Phoenix and Miami, the company cleans, charges, and stores autonomous cars.
Additional finance will boost Moove’s autonomous vehicle technology development and market expansion in Brazil, South Africa, and India. Investors believe Moove’s business strategy and key connections may help emerging market electric and autonomous car firms expand worldwide.
This dynamism cements Moove’s position as a trailblazer in Africa’s tech landscape, with growing influence in international transport innovation.