Mobility fintech company Moove has announced a significant milestone, successfully raising $76m in new funding.
This investment includes a combination of equity and venture debt from prominent investors, and it underscores Moove’s dedication to expanding its tech-driven financial services platform for mobility entrepreneurs globally.
Leading the funding process is the Mubadala Investment, which has contributed $28m in equity. Additionally, funds and accounts managed by BlackRock have provided $10m in venture debt. Notably, Moove has also revealed an additional $38m in funds that were raised over the past twelve months.
Mubadala ventures and growth head Faris Sohail Al Mazrui said: “Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.”
Moove, an African-founded business established in 2020, emerged as a response to the significant lack of vehicle financing options for over two million mobility entrepreneurs in Africa.
The company’s vision and innovation have garnered international attention, leading to its expansion across multiple geographic regions. With the latest injection of funds, Moove aims to further its mission and solidify its position as a leading player in the global mobility and financial services landscape.
The funding will play a crucial role in Moove’s ongoing journey.
The company plans to introduce new products and continue its expansion, with a particular focus on achieving profitability by the end of the fiscal year. This strategic growth aligns with Moove’s commitment to serving its customers across diverse markets, both developed and developing.
Moove’s progress and impact have been remarkable since its inception. The company achieved an astounding 17x increase in revenue following its Series A fundraising round two years ago.
Currently, Moove empowers over 12,000 customers who have collectively completed more than 22 million trips using Moove-financed vehicles across 13 markets.
Notably, Moove has established itself as Uber’s largest vehicle financing partner in the EMEA region. Impressively, within a mere four months of launching, Moove operates the largest electric vehicle (EV) fleet on the Uber platform in the UAE.
Operating as an impact-driven fintech, Moove’s core purpose is to bridge the gap for individuals who are unbanked or underserved by traditional financial institutions.
By providing revenue-based financing and facilitating access to asset ownership, Moove empowers these individuals to achieve financial stability and autonomy. As the demand for innovative mobility solutions continues to grow, Moove is poised to emerge as the preferred financial services partner for mobility entrepreneurs worldwide.
The infusion of funds also marks the beginning of a collaborative relationship. Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, will join Moove’s advisory board, further cementing the partnership between the two entities.
Moove co-founder and co-CEO Ladi Delano said: “We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.”
