Nigerian mobility fintech Moove is seeking to raise $300 million in equity funding, a move that could elevate its valuation beyond $1 billion, positioning it among Africa’s unicorn startups.
The company, co-founded by Ladi Delano and Jide Odunsi in 2020, offers revenue-based vehicle financing to gig economy drivers, allowing them to acquire vehicles through earnings-based repayment plans.
Moove’s innovative financing model has attracted significant investment, including a $100 million Series B funding round in March 2024 led by Uber and Mubadala Investment Company, which valued the company at $750 million.
To date, Moove has secured approximately $750 million in debt and equity funding.
The company’s annualized revenue has seen substantial growth, increasing from $115 million to $360 million within a year, driven by its core business and strategic acquisitions like the purchase of Brazilian mobility firm Kovi in January 2025.
Global Expansion and Partnerships
Originally operating in Lagos, Moove has expanded its presence to 19 markets across Africa, the Middle East, Europe, Asia, and Latin America.
In 2024, the company entered the U.S. market through a partnership with Waymo, Alphabet’s autonomous driving subsidiary, managing electric robotaxi fleets in Phoenix and Miami.
Moove’s responsibilities include vehicle maintenance, charging, and storage, supporting Waymo’s commercial operations.
Focus on Electric Vehicles and Sustainability
Moove is committed to sustainable mobility, with a significant focus on electric vehicles (EVs).
The company’s fleet in the UAE is entirely electric, and plans are underway to introduce over 20,000 EVs in India.
This shift aligns with Moove’s strategy to reduce operational costs and environmental impact, capitalizing on government incentives and lower maintenance expenses associated with EVs.
Moove’s pursuit of $300 million in new funding reflects its ambition to scale operations and achieve unicorn status.
With a growing international footprint, strategic partnerships, and a focus on sustainable transportation solutions.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
Accion, a non-profit focused on financial inclusion, has announced the launch of the Accion Digital Transformation Fund, a $152.5 million initiative designed to empower traditional financial institutions in serving underserved small businesses.
VitruvianMD, a promising South African medtech startup focusing on innovative healthcare solutions, has raised $1.25 million in funding.
The strategic funding is set to accelerate Money Fellows’ mission of transforming traditional savings and credit associations through its innovative tech-driven platform.
© 2021 Empower Africa. All rights reserved.
