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Moove secures $76m funding to drive global expansion
Moove, the ground-breaking mobility global fintech, has announced a substantial infusion of $76 million in new funding, a testament to its mission of revolutionizing financial services in the mobility sector.
The funding round includes $28 million in equity from both new and existing investors, overseen by Mubadala Investment Company (Mubadala), $10 million in venture debt from BlackRock-managed funds, and an impressive $38 million in previously undisclosed funds secured during the past year.
Established in 2020 to address the pressing lack of vehicle financing options for more than two million African mobility entrepreneurs, Moove has garnered global attention and expanded its footprint across diverse regions.
This latest funding injection will further accelerate Moove’s ambition of creating the world’s largest tech-driven financial services platform tailored for mobility entrepreneurs.
The current investment is a significant milestone for Moove, reflecting its dedication to serving customers across developing and developed markets alike. Notably, Mubadala’s Head of Ventures & Growth, Faris Sohail Al Mazrui, will join Moove’s advisory board, cementing the foundation for a mutually beneficial partnership.
Co-founder and co-CEO of Moove, Ladi Delano, expressed his enthusiasm about the collaboration, emphasizing the company’s commitment to enhancing customer experience and propelling product development.
“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,” Delano stated.
Faris Sohail Al Mazrui, representing Mubadala, echoed Delano’s sentiments, highlighting Moove’s capacity to empower mobility entrepreneurs globally.
“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,” remarked Al Mazrui.
Moove’s remarkable journey since its inception has been marked by substantial achievements, including a remarkable 17x increase in revenue following its Series A fundraise two years ago. The company has empowered over 12 000 customers, facilitating over 22 million trips in Moove-financed vehicles spanning 13 markets.
Notably, Moove stands as Uber’s leading vehicle financing partner across EMEA, and it has managed to establish the largest electric vehicle (EV) fleet by supply hours on the Uber platform in the UAE, an accomplishment achieved within a mere four months of its launch.
BlackRock’s managing director, Sean Dunne (formerly of Kreos Capital), underscored Moove’s role in the mobility sector’s electrification, facilitating access to finance for customers aiming to participate in the sector’s transformation. “As countries continue to develop, moving away from private car ownership, and towards shared mobility solutions and ride-hailing, Moove can be at the forefront of that change,” noted Dunne.
Ladi Delano emphasised Moove’s commitment to making a positive impact, both economically and socially. He shared, “With this investment, we will now accelerate our mission and continue creating life-changing opportunities for our customers while working towards profitability. It gives us great pride in seeing our customers build a better life for themselves and their families, and this funding will allow us to offer this chance to more entrepreneurs.”
Moove’s core purpose as an impact-driven fintech is to offer financial services to those traditionally underserved by conventional lenders, helping them access revenue-based financing and a pathway to financial stability through asset ownership.
As the demand for innovative mobility solutions surges, Moove’s potential to become the preferred financial services partner for mobility entrepreneurs worldwide continues to grow.
