Today: Jun 23, 2024

Uber takes charge in $100M funding for African Fintech Moove.

1 min read

TLDR:

  • Uber has led a $100 million Series B funding round into Moove, a Nigerian mobility fintech company.
  • This investment marks Uber’s first in an African startup and includes wealth fund Mubadala and other investors, pushing Moove’s market value from $550 million to $750 million.

Ride-hailing leader Uber has made its first investment in an African startup by leading a $100 million Series B funding round into Moove, a Nigerian mobility fintech company. The funding round includes wealth fund Mubadala, which also led the previous round last August, and other investors. This injection of capital has boosted Moove’s market value from $550 million to $750 million.

Moove, which was launched in 2020 to address the lack of vehicle financing in Africa, has also recently raised $76 million in new funding led by Mubadala. The company aims to add 45,000 new vehicles to its fleet, with a focus on electric vehicles, and expand its financing platform to 16 markets by the end of 2025. Currently, Moove operates 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. The backing from Uber provides Moove access to a vast network of potential customers, addressing significant challenges and paving the way for mutual growth and success in the fintech industry.