According to Bloomberg, Uber is in talks to back African vehicle-financing startup Moove in a funding round of as much as $100 million.
Details
Uber will reportedly join a group of investors in the cash raise. This will push Moove’s enterprise value to about $750 million from about $650 million.
Digging Deeper
The funding round has not yet concluded and the final figure could still change, ranging between about $75 million and $100 million, according to sources.
Zoom Out
Moove was founded by British-born Nigerian Ladi Delano and Jide Odunsi in 2020 to help would-be drivers for ride-hailing services who couldn’t access vehicle financing.
The startup uses a credit-scoring system to provide financing to drivers to buy new vehicles for ride-hailing, logistics, and deliveries using a percentage of their weekly income.
Moove recently closed a $76 million equity and debt round in August last year that included BlackRock Inc. and Mubadala Investment Co.
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