Ride-Hailing Giant Uber Leads a $100M Series B in African Fintech Moove

Ride-hailing leader Uber has led a $100 million Series B funding round into Moove, a Nigerian mobility fintech company, making it the company's first investment in an African startup.

The funding round includes wealth fund Mubadala who led the previous round last August and other investors, pushing Moove’s market value from $550 million to $750 million.

Moove raises $76 million to fuel further global expansion

Moove, a mobility fintech startup, which launched in 2020 to tackle the lack of vehicle financing in Africa, has raised $76 million in new funding led by Mubadala Investment Company (Mubadala). African mobility fintech Moove takes its sustainable vehicle financing to IndiaMoove, a mobility-first fintech startup born in Africa, has

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With this infusion of capital, Moove aims to add 45,000 new vehicles to its fleet with a significant focus on EVs and expand its financing platform to 16 markets by the end of 2025, a considerable upgrade from its current presence in six markets including Nigeria, South Africa, Ghana, the U.K., India, and the UAE.

This strategic partnership not only ensures a reliable pool of drivers for the Uber platform but also validates Moove's business model. Additionally, Uber's backing provides Moove access to a vast network of potential customers, addressing significant challenges and paving the way for mutual growth and success.