Moove secures $100 million Series B round

Moove, the global mobility fintech that democratises access to vehicle ownership for mobility entrepreneurs, has raised $100 million in a Series B funding round, valuing the company at $750 million. Uber invested in the round alongside Mubadala, who led Moove’s previous funding round in 2023.

This financing round will empower Moove to broaden its customer-centric, revenue-based vehicle financing solutions to 16 global markets by the end of 2025. A significant part of this expansion will be dedicated to electric vehicles (EVs), setting the foundation for a sustainable and accessible mobility ecosystem for customers around the world.

Ladi Delano, Founder of Moove, said: “Today's announcement marks a significant milestone for us. When we founded Moove in 2020, we were motivated to solve the acute shortage of vehicle financing that over two million African mobility entrepreneurs faced.

“This validation from Uber and others stands as a testament to the fact that what was once a dream is now a palpable reality. This infusion of capital is set to amplify the immensely positive impact our products have in the lives of our customers on a much broader spectrum. I would like to extend my heartfelt gratitude to our dedicated team of Moovers for their relentless effort and commitment, which has been pivotal in reaching this significant milestone on our company’s journey.”

Moove was founded in 2020 to connect mobility entrepreneurs with fair, accessible, and affordable revenue-based vehicle financing options. With its headquarters now established in the UAE, a hub for innovation and startups, the relationship between Moove and Mubadala exemplifies the dynamic synergy that can be achieved when local UAE investors collaborate with startups, fuelling growth and pioneering innovations both within the UAE and on a global scale.

The UAE plays a crucial role in Moove's operations, marking the debut of its comprehensive charging solution through an investment in a dedicated network of charging stations for its customers. It was also in the UAE that Moove initiated the transition to a fully electric vehicle (EV) fleet, positioning the company as a leader in providing the highest number of EV trips on the Uber UAE platform in 2023. Moove's strategic emphasis on sustainability and technological innovation aligns with its commitment to redefining mobility in the region and supporting the UAE's ambitions for economic diversification and tech-driven growth.

To date, Moove has empowered over 20,000 mobility entrepreneurs across three continents, facilitating over 30 million trips financed by Moove, and achieving an annual recurring revenue exceeding $115 million, marking a pivotal achievement towards profitability.Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, commented: “We are proud to continue supporting Moove through our second round of funding, not only as a testament to our commitment to nurturing the startup ecosystem in the UAE but also as a reflection of our renewed trust in Moove's vision and capabilities. 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.”

Ladi Delano concluded: "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 funding milestone not only expands our operational capacity but also supports our drive to profitability by the next financial year. We are committed to building Moove in a sustainable, customer-focused and profitable way. Moove’s aim is to be at the forefront of the electrification of mobility, which we believe will help steer the world towards a zero-emission future."