Mobility fintech innovator, Moove, has successfully raised $76 million in its latest funding round.
According to reports, the round comprises $28 million in equity from a mix of both new and existing investors, spearheaded by Mubadala Investment Company, as well as $10 million in venture debt from funds managed by BlackRock.
Additionally, Moove secured $38 million in undisclosed funds accumulated over the past year. This brings Moove’s total fundraising efforts to $325 million, consisting of $150 million in equity and an impressive $175 million in debt financing.
“The injection of funds is set to propel Moove’s ambitious vision of establishing the world’s most expansive tech-driven financial services platform for entrepreneurs in the mobility sector. The influx of capital will further solidify Moove’s global presence and influence.”
Founded in 2020, Moove emerged as an innovative solution to address the glaring lack of accessible vehicle financing options for over two million African mobility entrepreneurs. This pioneering initiative garnered international attention, catalyzing its expansion into numerous geographical markets.
Moove’s impressive journey from its inception is a testament to its impactful approach.
“The company achieved an astounding 17-fold increase in revenue growth since its Series A funding round two years ago. Remarkably, Moove-backed vehicles facilitated over 22 million trips across 13 markets, engaging more than 12,000 customers. The company’s strategic partnership with Uber, which functions as its primary vehicle financing collaborator in EMEA, underscores its significant role in the industry.”
Moove’s mobile app is currently operational in four markets: South Africa, Ghana, Nigeria, and India. Impressively, 85% of users have adopted the Moove Wallet feature, averaging 12 transactions per customer per month.
Moove is now gearing up for an expanded global reach, with plans to introduce innovative products and attain profitability by the close of the current fiscal year. This substantial investment reaffirms Moove’s commitment to its clientele and its capability to execute effectively in both emerging and established markets.
Beyond its financial implications, this funding marks the establishment of a valuable partnership.
Ladi Delano, Co-founder and Co-CEO of Moove expressed enthusiasm for this collaboration, stating, “We are thrilled to join forces with Mubadala and BlackRock to further strengthen our presence in already profitable markets such as the UAE, India, UK, and South Africa. We will continue enhancing our customer experience and accelerating product development, to achieve company-wide profitability within the next year.”
He further noted, “This investment allows us to accelerate our mission and continue creating life-changing opportunities for our customers while striving for profitability. We take immense pride in witnessing our customers improve their lives and those of their families, and this funding enables us to extend this opportunity to more entrepreneurs.”
Head of Ventures and Growth at Mubadala, Faris Sohail Al Mazrui is set to join Moove’s advisory board, signifying a collaborative effort to drive innovation and financial inclusion within the mobility sector.
He emphasized Moove’s transformative impact, highlighting its success in providing credit and financial services to previously underserved mobility entrepreneurs worldwide.
Moove’s expansion into an underbanked market underscores its commitment to unlocking long-term potential.
On his part, Sean Dunne, Managing Director at BlackRock emphasized Moove’s potential to drive the evolution of mobility, particularly in the context of transportation electrification.
“Moove’s platform empowers customers by granting them access to financing, thereby fostering engagement in the transformation of the mobility sector.”
As a purpose-driven fintech, Moove’s mission revolves around offering financial services to unbanked or underserved individuals, enabling them to access financing based on their revenue and take steps toward financial stability.
In an era marked by rising demand for mobility solutions, Moove stands at the forefront, positioned to become the preferred financial services partner for mobility entrepreneurs across the globe.