Moove, an African mobility fintech that offers vehicle financing to ride-hailing and delivery app drivers, has announced that it has raised $100 million in a Series B funding round as it plots expansion into new markets.
According to reports some weeks ago from Bloomberg, Uber made a sizable investment to lead the funding round leading the Series B investment.
The round also includes sovereign wealth fund Mubadala and several other investors, pushing Moove’s post-money valuation to $750 million.
Why This Matters
This latest funding will enable the company is venture into 16 new markets by the end of 2025. The company operates in 13 cities across six markets, including Nigeria, South Africa, Ghana, the U.K., India and the UAE.
How Moove Works
Moove takes a two-pronged approach to vehicle financing. The startup buys fleets of vehicles, which it then sells to drivers through the platform.
Its software offers financing to drivers through a credit-scoring system, enabling drivers to buy new vehicles for ride-hailing, logistics, and deliveries.
A percentage of the drivers’ weekly income is deducted and put toward vehicle payments.
Source: Techcrunch
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