Moove raises $76 Million to ease mobility in Africa

Moove, a mobility fintech company has announced a remarkable $76 million in new funding. This funding marks a significant milestone for the African-founded company as it aims to solidify its position as a leading tech-driven financial services platform for mobility entrepreneurs on a global scale.

The funding package is a combination of $38 million in previously undisclosed funds raised within the last year and an additional $28 million in equity. This equity infusion comes from both new and existing investors and was orchestrated by Mubadala Investment Company (Mubadala), a leading player in global investment.

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With these substantial funds at its disposal, Moove is set to make significant strides towards achieving its overarching goals. The company’s popularity has soared across Africa, buoyed by public interest and demand. Building upon this momentum, Moove is actively working towards expanding its footprint beyond the continent, intending to introduce multiple new products while also aiming to achieve profitability by the end of the fiscal year.

Ladi Delano, Co-founder and Co-CEO of Moove, expressed excitement about the partnership: “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 investment not only reflects Moove’s capacity to cater to clients in Africa’s emerging economies but also ushers in a strategic partnership. This collaboration will see Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, joining Moove’s advisory board, lending his expertise to the company’s future endeavors.

Since its inception, Moove has rapidly expanded, facilitating over 12,000 clients to undertake more than 22 million trips in Moove-financed vehicles across 13 regions. Following its Series A funding round two years ago, Moove’s income witnessed a remarkable 17-fold increase.

Impressively, despite launching just four months ago, Moove has become Uber’s largest vehicle finance partner in EMEA (Europe, Middle East, and Africa). The company currently operates the largest electric vehicle fleet in the UAE in terms of supply hours on the Uber platform.

Moove’s expansion strategy is well-aligned with the burgeoning opportunities present in Africa’s emerging economy. The company aspires to become the go-to financial services partner for mobility entrepreneurs in the region, benefiting from the escalating demand for innovative mobility solutions.

Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, praised Moove’s scalable tech-enabled platform, which has empowered mobility entrepreneurs globally by granting them access to financing and essential financial services.

Echoing this sentiment, Sean Dunne, Managing Director at BlackRock (formerly Kreos Capital), highlighted Moove’s pivotal role in the electrification of mobility. “As countries shift away from private car ownership towards shared mobility solutions and ride-hailing, Moove can be at the forefront of that change,” he noted.