Moove, the global mobility FinTech, has raised $100 million in a Series B funding round, bringing its total valuation to $750m.
This round saw participation from ride-hailing giant Uber and Mubadala, who led Moove’s previous funding round in 2023.
The substantial investment underscores Moove’s commitment to democratising access to vehicle ownership for mobility entrepreneurs worldwide, particularly in regions facing vehicle financing shortages.
The funding will fuel Moove’s expansion efforts, enabling the company to broaden its revenue-based vehicle financing offering to 16 markets globally by the end of 2025.
A significant portion of this expansion will focus on electric vehicles (EVs), aligning with Moove’s vision for a sustainable and accessible mobility ecosystem.
Ladi Delano, Founder of Moove, said: “Today’s announcement marks a significant milestone for us. When we founded Moove in 2020, we were motivated to solve the acute shortage of vehicle financing that over two million African mobility entrepreneurs faced.
“This recent investment is a game-changer for Moove, enabling us to substantially broaden our offerings by introducing 45,000 new vehicles to our platform. This funding milestone not only expands our operational capacity but also supports our drive to profitability by the next financial year. We are committed to building Moove in a sustainable, customer focused and profitable way. Moove’s aim is to be at the forefront of the electrification of mobility, which we believe will help steer the world towards a zero-emission future.”
Moove’s mission to empower mobility entrepreneurs with fair, accessible, and affordable financing options has garnered significant traction since its inception. The company’s headquarters in the UAE serves as a strategic base, facilitating collaboration with local investors like Mubadala to drive growth and innovation both locally and globally.
The UAE has emerged as a pivotal market for Moove, where the company has spearheaded initiatives like fully integrated charging solutions and transitioning to a 100% EV fleet, contributing to the UAE’s vision for economic diversification and technological advancement.
To date, Moove has facilitated over 30m financed trips for more than 20,000 mobility entrepreneurs across three continents. The company’s annual recurring revenue surpasses $115m, reflecting its steady path to profitability.
Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, commented: “We are proud to continue supporting Moove through our second round of funding, not only as a testament to our commitment to nurturing the startup ecosystem in the UAE but also as a reflection of our renewed trust in Moove’s vision and capabilities. This follow-on investment exemplifies Mubadala’s strategy of deploying capital to drive positive change in communities, in addition to fostering innovation and entrepreneurship across the UAE.”
BofA Securities served as the financial adviser for Moove in this funding round, further solidifying the company’s position in the global mobility fintech landscape.
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