Moove secures $76 million funding to drive global expansion

Moove, the pioneering global mobility fintech, has secured $76 million in a new funding round which includes $28 million in equity from both new and existing investors, led by Mubadala Investment Company, $10 million in venture debt from BlackRock-managed funds, and $38 million in previously undisclosed funds raised in the last twelve months. Since inception, Moove has raised $325 million ($150 million in equity and over $175 million in debt).

According to the company, the funding is poised to fuel Moove’s mission of creating the world’s largest tech-driven financial services platform for mobility entrepreneurs and to strengthen its position on the global stage.

Founded in 2020, Moove emerged as a response to the glaring lack of vehicle financing available to over two million African mobility entrepreneurs. This remarkable initiative has garnered global interest, propelling its expansion across multiple geographies.

Moove’s impressive journey since its inception is a testament to its impactful approach. The company experienced a remarkable 17x revenue growth following its Series A fundraise two years ago. Over 12,000 customers have completed an astonishing 22 million trips in Moove-financed vehicles across 13 markets. Moove’s collaboration with Uber as its largest vehicle financing partner in EMEA further underscores its prominence in the industry. Moove app is live in 4 markets: South Africa, Ghana, Nigeria, and India with 85% adoption of Moove Wallet with an average of 12 transactions per customer per month

Moove is now gearing up for a broader global reach, with plans to introduce new products and aims to achieve profitability by the end of this company year. This investment is a testament to Moove’s commitment to its customers and its ability to execute efficiently in both developing and developed markets.

The funding not only marks a significant financial boost for Moove but also establishes a valuable partnership. Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, will join Moove’s advisory board, signifying a collaborative journey towards driving innovation and financial inclusion in the mobility sector.

Ladi Delano, Co-founder and Co-CEO of Moove, expressed the company’s enthusiasm for this collaboration, stating, “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.”

Faris Sohail Al Mazrui, from Mubadala, highlighted Moove’s transformative impact, emphasizing the company’s success in providing access to credit and financial services previously out of reach for many mobility entrepreneurs globally. This expansion into an underbanked market is indicative of Moove’s dedication to unleashing long-term potential.

Sean Dunne, Managing Director at BlackRock (formerly Kreos Capital), underscored the potential of Moove to contribute to the evolution of mobility, particularly the electrification of transportation. Moove’s platform empowers customers with access to financing, fostering engagement in the transformation of the mobility sector.

Ladi Delano continues: “With this investment, we will now accelerate our mission and continue creating life-changing opportunities for our customers while working towards profitability. It gives us great pride in seeing our customers build a better life for themselves and their families, and this funding will allow us to offer this chance to more entrepreneurs.”

As an impact-driven fintech, Moove’s purpose revolves around providing financial services to unbanked or underserved individuals, thus enabling them to access financing based on revenue and take steps toward financial stability. In a world where the demand for mobility solutions is on the rise, Moove is strategically positioned to become the preferred financial services partner for mobility entrepreneurs globally.