Dealflow | March 20, 2024

Nigeria’s Moove raises $100 million for revenue-based vehicle financing

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

Since it launched out of Lagos in 2020, Moove has provided revenue-based vehicle financing for over 20,000 ride-hailing and delivery drivers in Nigeria, South Africa, Ghana, India, the United Arab Emirates and UK. Moove has raised $100 million to expand in Southeast Asia and Latin America. “We want to be at the forefront of electrification by putting more EVs on the road,” said Moove’s Ladi Delano.

In Nigeria and other African markets, where borrowers are struggling with high fuel prices, Moove plans to add compressed natural gas vehicles, “in the hope that will reduce the impact of the increasing fuel price on the bottom line of our customers,” said Delano.

The company plans to introduce EV options to its African customers as road conditions and charging infrastructure improve. 

Low-carbon transport

The Series B round, led by Uber, brings Moove’s valuation to $750 million. Moove is Uber’s largest vehicle supply and financing partner in Europe, the Middle East and Africa. Uber plans to fully decarbonize its fleet by 2040.

Last year, the ride-hailing company led a $20 million funding round by Mumbai-based Everest Fleet to add 10,000 electric vehicles by 2026.

Other investors in the latest round include UAE sovereign investor Mubadala Investment Co., The Latest Ventures, AfricInvest and Future Africa. Moove will relocate its headquarters to the UAE as part of a strategic partnership with Mubadala.