African mobility startup Moove is set to raise $1.2 billion in debt financing to fund its expansion into the autonomous vehicle market in the United States. The fundraising round, which is currently oversubscribed, has garnered strong interest from global private credit firms and banks. According to sources familiar with the deal, the capital will be used to deploy a new fleet of autonomous vehicles through a partnership with Alphabet Inc.’s Waymo.
Strategic Move Toward Self-Driving Tech
Moove's anticipated partnership with Waymo is a significant leap for a company that started in 2020 by financing vehicles for ride-hailing drivers in Africa. Under the new collaboration, Moove plans to own and manage its first fleet of autonomous vehicles in the US, leveraging Waymo’s industry-leading self-driving technology. Though Waymo declined to comment, the partnership signals growing cross-border cooperation in the future of mobility.
A Milestone of Financial Maturity
In response to inquiries about the ongoing fundraising, co-founder Ladi Delano noted that Moove has built “strong relationships with some of the world’s leading lenders.” He emphasized that the company has successfully repaid its first-ever debt facilities, a key milestone that reflects the business’s maturity and financial discipline. This repayment builds confidence as Moove enters its most ambitious phase yet—supporting global autonomous-vehicle infrastructure.
From Lagos to the World
Moove was founded in 2020 by Ladi Delano and Jide Odunsi, initially focusing on vehicle financing solutions for ride-hailing drivers in Africa’s major markets. The startup quickly attracted notable investors, including Uber Technologies Inc., which recognized the company’s potential early on. In late 2024, Moove formalized its partnership with Waymo, gaining access to the technology that will underpin its autonomous fleet rollout in the US.
Africa’s Startup Scene Gains Momentum
Moove’s growth reflects the broader rise of African tech, which continues to gain global recognition. Nigeria, Africa’s most populous country, has emerged as a breeding ground for high-impact startups such as Flutterwave, Moniepoint, and Interswitch. With a youthful, tech-savvy population, the continent offers fertile ground for digital services like ride-hailing, mobile payments, and on-demand entertainment, often bridging gaps left by traditional infrastructure.
Surging Revenue and Loan Repayment
According to people close to the company, Moove’s revenues have surged to nearly $400 million this year, up from $275 million in 2024. This dramatic growth has enabled the company to repay approximately $100 million in loans, underscoring its efficient capital deployment and operational strength. The financial momentum adds credibility as Moove seeks to close the upcoming $1.2 billion raise.
A New Era of Mobility
Moove’s foray into the autonomous vehicle space marks a bold strategic shift that could reshape how mobility services are delivered in global markets. By combining Waymo’s cutting-edge technology with Moove’s operational experience in managing large vehicle fleets, the partnership aims to drive new efficiencies and customer experiences. If successful, this expansion could establish Moove as a global leader not just in mobility financing but in the future of autonomous transport.
As Moove prepares to finalize one of the largest debt raises by an African startup, it is positioning itself as a transformative force in global mobility. From humble beginnings in Lagos to pioneering self-driving fleets in the US, the company exemplifies Africa’s growing influence on the global tech landscape. With strong financial backing, strategic partnerships, and rapid growth, Moove is charting a bold new path for the future of transportation.