Moove eyes $1.2bn debt raise to fuel US autonomous vehicle push

African mobility fintech startup Moove is planning to raise $1.2 billion in debt financing to support the expansion of its autonomous vehicle fleet in the United States, in partnership with Alphabet Inc.’s self-driving tech arm, Waymo.

The funding round, according to sources cited by Bloomberg, is already oversubscribed, drawing strong interest from private credit firms and commercial banks. While final terms are expected to close in the coming weeks, the deal would mark a significant leap for Moove’s global ambitions in the autonomous mobility space.

Founded in 2020 by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove initially offered vehicle financing to ride-hailing drivers in major African cities. The company has since evolved into a global mobility fintech, leveraging data and finance tools to scale vehicle ownership and fleet solutions worldwide.

“Moove has built strong relationships with some of the world’s leading lenders,” said Delano. “We’ve fully repaid our earliest debt facilities, which signals our maturity and marks a key milestone as we enter the next phase of autonomous vehicle infrastructure deployment.”

While Waymo has yet to make an official statement, the partnership and upcoming capital injection position Moove at the frontier of mobility innovation. If successful, the rollout will enhance access to self-driving transport systems and demonstrate how African-born startups can shape the future of mobility on a global scale.

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