Just one month after its US launch, backed by Uber, the Nigerian fintech startup Moove has broadened its horizons by entering the Mexican market. This move comes with the company’s forecast of achieving profitability by the year 2025. The venture into Mexico is a significant achievement for the African startup ecosystem, which has recently grappled with a challenging macroeconomic landscape and fundraising hurdles that have impeded growth. Moove’s expansion is a testament to the resilience and potential of African startups to scale globally.
Moove has strategically positioned itself for expansion by targeting high-growth markets and leveraging its scalable business model. Its partnerships with major ride-hailing platforms, particularly Uber, have been instrumental in its growth trajectory and have made it an appealing prospect for investors. Additionally, Moove’s commitment to sustainability through the adoption of electric vehicles (EVs) resonates with the growing investor interest in environmentally and socially responsible startups.
In a statement on LinkedIn, Moove announced its official launch in Mexico, celebrating the delivery of the first set of vehicles to its drivers. This marks a key step in the company’s expansion into Latin America. The company has assembled a dedicated team to capitalize on the increasing demand for ride-hailing services within the region.
Moove’s expansion into Mexico is part of its broader vision to create a future of mobility that not only empowers drivers to achieve their aspirations but also promotes financial independence. Operating across seven markets, including Nigeria, South Africa, Ghana, the UK, India, the UAE, and the US, Moove revealed in March 2024 its plans to further extend its reach to additional markets by 2025.
Moove was founded in 2020 by entrepreneurs Ladi Delano and Jide Odunsi. The fintech’s business model revolves around selling vehicles to ride-hailing drivers, with the cost being repaid through weekly deductions from the drivers’ earnings. Since 2023, Moove has pivoted towards a more sustainable fleet, transitioning to 100% EVs in the UAE. The company also operates EVs in the UK and has ambitious plans to roll out over 20,000 EVs within its operations in India, demonstrating its commitment to eco-friendly transportation solutions.
