Moove, the pioneering mobility fintech with a mission to democratize financial services for mobility entrepreneurs, has announced a significant milestone with the successful securing of $76 million in fresh funding. This financing consists of $28 million in equity from both new and existing investors, spearheaded by the Mubadala Investment Company (Mubadala), supplemented by $10 million in venture debt from funds managed by BlackRock, and a substantial $38 million in previously undisclosed funds accrued over the preceding year. This strategic influx of capital will propel Moove forward in its goal to construct the largest tech-infused financial services platform catering to mobility entrepreneurs while fortifying its global standing.
Unveiling Moove: A Transformative Mobility Fintech
Moove, hailing from Africa, is an international mobility fintech trailblazing the democratization of financial services for mobility entrepreneurs. This is achieved by seamlessly embedding an innovative alternative credit scoring technology into ride-hailing, logistics, mass transit, and instant delivery platforms. Leveraging proprietary performance and revenue analytics, Moove is able to underwrite customers who have historically been marginalized from accessing financial services. Its footprint spans across 13 markets, encompassing Africa, the Middle East, Europe, and Asia. Notably, Moove has established itself as Uber’s principal vehicle supplier across the EMEA region. With a remarkable track record, customers have successfully completed more than 22 million trips utilizing Moove-financed vehicles.
Addressing a Critical Gap
Originating in 2020 to tackle the pressing issue of vehicle financing hindrances faced by over two million African mobility entrepreneurs, Moove has rapidly gained global prominence. Encouraged by widespread interest, the company has extended its operations across diverse geographical regions. Its strategic roadmap includes venturing into new markets with an array of innovative products and a targeted objective to attain profitability by the conclusion of the current fiscal year. This investment not only signifies an endorsement of Moove’s prowess in customer service and market execution but also heralds a collaborative partnership with Mubadala, as Faris Sohail Al Mazrui, Head of Ventures & Growth, joins Moove’s advisory board.
Ladi Delano, Co-founder and Co-CEO of Moove, expressed the excitement of partnering with Mubadala and BlackRock, elucidating the company’s focus on amplifying existing profitable markets while investing in enhanced customer experiences and accelerated product development. Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, voiced his conviction in Moove’s groundbreaking approach to providing crucial financial services to an underserved market. He emphasized the immense potential of this venture in meeting long-term financial needs.
A Remarkable Journey of Growth and Empowerment
Moove’s journey since its inception has been nothing short of remarkable, experiencing an astounding 17-fold surge in revenue post its Series A fundraise two years ago. The company has empowered over 12,000 customers, enabling them to complete more than 22 million trips utilizing Moove-funded vehicles across 13 diverse markets. The strategic partnership with Uber positions Moove as a prominent vehicle financing provider in EMEA. Notably, Moove has rapidly ascended to become the UAE’s largest EV fleet provider by supply hours on the Uber platform, despite entering the market merely four months ago.
A Vision for the Future: Shaping the Mobility Landscape
Sean Dunne, Managing Director at BlackRock, formerly Kreos Capital, lauded Moove’s potential to catalyze the electrification of mobility. By offering finance options and actively contributing to the growth of global EV fleets, Moove stands at the forefront of the transformative shift towards shared mobility solutions and ride-hailing. Ladi Delano reinforced the investment’s role in accelerating Moove’s mission, fostering life-altering opportunities for customers, and driving the company towards profitability. The investment aligns with the goal of empowering entrepreneurs to uplift their lives and families.
Fulfilling Financial Inclusion: Moove’s Noble Cause
As an impact-driven fintech, Moove operates with the noble purpose of extending financial services to the unbanked and underserved segments, enabling them to access revenue-based financing and a pathway to financial stability through asset ownership. Given the burgeoning demand for innovative mobility solutions, Moove is poised to become the preferred financial services partner for mobility entrepreneurs globally.
Moove, the pioneering mobility fintech, has secured $76 million in funding from investors like Mubadala and BlackRock. This funding aims to expand its global presence and democratize financial services for mobility entrepreneurs. Moove integrates alternative credit scoring into ride-hailing and transit platforms, underwriting previously excluded customers. Operating across 13 markets, including EMEA with Uber, Moove has experienced substantial revenue growth and is entering the EV sector. The investment bolsters Moove’s mission to provide financial inclusivity and drive transformative change in the mobility industry.
Hi, I’m Oren, founder at BIGINTRO, a content strategy agency that helps B2B companies drive growth. We develop search, social, PR, and content marketing strategies tailored to business goals. I also have a dog named Milo.