Nigerian mobility fintech Moove is reportedly in talks to raise $300 million in fresh funding, a move that could see its valuation surpass the $1 billion mark. The potential round, reported by The Information, signals growing investor confidence in Moove’s rapid global growth and its evolving role in the autonomous vehicle (AV) ecosystem. With its unique drive-to-own model and strategic expansion efforts, Moove is positioning itself as a key mobility player across multiple continents.
From Lagos to Global Markets
Founded by Ladi Delano and Jide Odunsi, Moove began as a solution to vehicle financing challenges faced by ride-hailing drivers in Africa. The company purchases vehicles using bank loans and leases them to drivers through a drive-to-own system, enabling drivers in Africa, the UK, and India to eventually own the cars through earnings-based repayments. This model has proved successful, contributing significantly to Moove’s annualized revenue growth from $115 million to $360 million within just over a year.
Strategic Moves and Revenue Growth
Moove’s trajectory has been boosted by a combination of strategic partnerships and acquisitions. In January 2024, it acquired Brazilian vehicle financing firm Kovi, instantly expanding its footprint and revenue base in Latin America. Its longstanding partnership with Uber—one of its early backers with over a 10% stake—continues to drive business, especially in its core segment of financing vehicles for ride-hailing platforms.
A Growing Role in Autonomous Mobility
Beyond ride-hailing, Moove has ventured into the AV sector through a notable partnership with Waymo, Alphabet’s autonomous driving division. In Phoenix and Miami, Moove manages Waymo’s robotaxi fleets, handling day-to-day operations like cleaning, charging, and vehicle storage. While the current arrangement is operational in nature, co-founder Ladi Delano has hinted at more ambitious plans, including purchasing AV-enabled vehicles and leasing mini-fleets to entrepreneurs or businesses interested in operating autonomous vehicle services.
Expanding Workforce and U.S. Presence
As part of its scaling strategy, Moove has hired over 90 new staff members in the U.S., adding to its global team of more than 2,100 employees. This talent expansion supports the operational demands of its Waymo partnership and lays the groundwork for its broader ambitions in the AV space. The company’s growing presence in the U.S. marks a shift from its African origins to becoming a globally integrated mobility services provider.
Investor Confidence and Future Outlook
To date, Moove has raised $750 million in debt and equity from backers such as Mubadala Investment Company and Uber. Its 2024 funding round, which brought in $100 million at a $750 million valuation, has paved the way for the current fundraising effort. If successful, this new round could propel Moove into unicorn territory, reinforcing its position as one of Africa’s most successful tech exports and a fast-emerging player in the future of transportation.
Moove’s planned $300 million raise underscores the company’s strategic shift from a regional vehicle financier to a global mobility operator with ambitions in the autonomous vehicle sector. With a solid business model, robust investor backing, and an expanding international presence, the company is on track to become a major force in both traditional and next-generation transportation markets. As it eyes a billion-dollar valuation, Moove’s evolution reflects the growing influence of African-founded startups on the global tech stage.