African vehicle-financing startup Moove is seeking to raise more than $300 million at a valuation north of $2 billion, sources told Bloomberg.
- The funding would cement Moove as one of Africa’s most valuable startups, alongside fintech giants like Flutterwave and Interswitch.
- Backed by Uber Technologies Inc., Moove wants to channel new funds into its autonomous vehicle business.
By the numbers
- Moove’s revenues grew from $50M in 2024 to nearly $400M in annualized recurring revenue this year.
- It hit EBITDA break-even in Sept. 2024.
- In July, Moove secured over $1B in debt financing to expand its fleet in partnership with Alphabet’s Waymo and to scale in the U.S.
Why it matters
Moove’s rise underscores the growing global relevance of African startups, fueled by a young, tech-savvy population adopting digital services from ride-hailing to payments.
Background
- Founded in 2020 by Ladi Delano and Jide Odunsi, Moove uses credit scoring to help drivers finance vehicles for ride-hailing, logistics, and delivery.
- The company now operates in 12+ markets, including the UAE, Mexico, and India.
Zoom out
Moove’s trajectory highlights how African startups are increasingly attracting global capital — and how mobility financing is evolving from Lagos to Los Angeles.
Source: Bloomberg
Learn more about other African tech startups on Labari Insights, our data repository for tech in Africa: insights.techlabari.com
