The news:
- Moove, a Nigerian-born startup providing vehicle financing for ride-hailing drivers, has officially expanded into Mexico, one month after launching in the US.
- The company, which aims to be profitable by 2025, will continue its mission to empower gig workers and promote sustainable mobility in North America.
- The company has built a local team and is set to empower drivers in the region by offering them access to vehicles and the opportunity for financial independence.
The expansion is part of Moove’s broader strategy to meet the rising demand for ride-hailing services in Latin America.
The company’s success stems from its focus on high-potential markets and its replicable business model. By partnering with global platforms like Uber and shifting towards electric vehicles (EVs), Moove appeals to investors with an eye on sustainability and socially responsible enterprises.
“We’re excited to share that Moove has officially hit the streets of Mexico. The first vehicles have been delivered to our drivers, marking a significant milestone in our LatAm expansion,” the company announced on LinkedIn.
Moove’s Mexico expansion is significant for the African startup ecosystem, which has recently faced macroeconomic challenges and a slowdown in fundraising.
Mexico is Moove's eighth market, joining Nigeria, Ghana, South Africa, the UK, UAE, India, and the U.S. The company plans to enter more markets by 2025.
Founded in 2020 by Ladi Delano and Jide Odunsi, the mobility fintech firm’s business model involves selling vehicles to ride-hailing drivers, with repayments deducted from their weekly earnings.
In 2023, Moove raised $76 million in funding to expand its EV fleet, particularly in India, where it plans to deploy over 20,000 EVs by 2025. This follows a broader trend across Moove’s markets, with 100% of its fleet in the UAE already electrified.
In February 2024, Moove secured $10 million in debt funding from Stride Ventures to strengthen its presence in India. Since entering India in 2023, Moove says it has financed vehicles completing over 30 million trips and plans to expand to major cities like Delhi, Pune, and Kolkata.
In March 2024, Moove raised $100 million in a Series B round led by Uber to fuel its expansion across 16 markets by 2025. The company moved its headquarters to the UAE and prioritised electric vehicles in several markets, including India, the UAE, and the UK.
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With its strong partnerships, innovative model, and commitment to green mobility, Moove is poised to continue expanding globally and contributing to a more sustainable future for transportation.