Moove raises $100m in Series B round: Mubadala, Uber invest

Global mobility fintech Moove has announced the successful closure of a $100m Series B funding round.

Spearheaded by Mubadala alongside new investment from Uber, the funding will see UAE-headquartered Moove accelerate its growth and drive electric vehicle (EV) adoption across diverse markets.

Founded in 2020 with a vision to address the vehicle financing gap impacting millions of African mobility entrepreneurs, Moove has swiftly expanded its operations and garnered global recognition for its innovative approach to sustainable mobility solutions.

Ladi Delano, founder of Moove, said the substantial investment was a testament to the company’s transformative impact and growth trajectory. He emphasised the role of Moove’s dedicated team and reaffirmed the company’s commitment to enhancing the lives of its customers through innovative financial products.

Game-changer for Moove

“This recent investment is a game-changer for Moove, enabling us to substantially broaden our offerings by introducing 45,000 new vehicles to our platform. This move not only expands our operational capacity but also highlights our commitment to sustainability, with a significant focus on electric vehicles in partnership with Uber,” said Delano.

Moove’s commitment to sustainability has witnessed its transition to a 100 per cent EV fleet and investment in a network of charging stations.

The partnership with Mubadala further solidifies the fintech’s foothold in the region.

Ali Eid Al Mheiri, executive director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, expressed pride in Mubadala’s continued support for the company, highlighting the shared vision for driving positive change and fostering innovation.

“This follow-on investment exemplifies Mubadala’s strategy of deploying capital to drive positive change in communities, in addition to fostering innovation and entrepreneurship across the UAE,” he added.

Key milestones

The fintech firm has helped more than 20,000 mobility entrepreneurs across three continents, enabling more than 30 million Moove-financed trips to date.

This has contributed to an annual recurring revenue of over $115m.

Its consistent performance has helped the company achieve a $750m valuation.

With a focus on customer-centric expansion, the company plans to extend its operations to 16 markets by the end of 2025, introducing 45,000 new vehicles to its platform.

In August last year, the African fintech company secured $76m in new funding, including $28m in equity from new and existing investors, in a process led by Mubadala and $10m venture debt from funds and accounts managed by BlackRock.