- Nigerian-born Moove plans to raise $300m in equity to push its valuation beyond $1bn.
- The mobility fintech has grown revenue threefold in a year, hitting $360m annualised.
- Moove already operates across Africa, Latin America, the Middle East, and Asia.
- It plans to use the funding to deepen operations and expand global fleet partnerships.
Moove, the Lagos-born mobility fintech, is inching closer to unicorn status with a fresh $300 million equity raise underway. The company, which provides revenue-based vehicle financing to gig drivers, could see its valuation propel beyond $1 billion, according to The Information
Launched in 2020, Moove began by financing ride-hailing vehicles in Lagos, helping drivers get cars without upfront capital.
Today, the company has raised over $409 million in debt and equity, backed by heavyweights including Uber, Mubadala, and Speedinvest. Its most recent raise was a $100 million Series B in March 2024, led by Uber and Mubadala, valuing Moove at $750 million.
Before that, the startup had raised significant funding through many rounds. In 2022 alone, it announced five funding rounds, which included $105 million in March 2022 and $10 million in July 2022.
The startup’s leap is powered by strong revenue growth and an expanding international footprint. Moove’s annualised revenue jumped from $115 million to $360 million in just over a year.
It now operates in 13 markets, including the UAE, India, and Mexico. The startup has also ventured into the U.S., running electric vehicle fleets for Waymo’s autonomous ride-hailing service in Phoenix and Miami.
Moove’s model is simple but compelling. Instead of traditional loans, it offers vehicle financing with repayments linked to drivers’ earnings, providing flexibility and reducing default risk. This model has resonated with gig workers who face limited access to credit, especially in emerging markets.
The company’s global ambition was cemented when it acquired Kovi, a Brazilian vehicle financing startup, in October 2023. That move gave Moove a stronghold in Latin America and added to its asset base, further boosting investor confidence.
The $300 million raise will support Moove’s expansion in key growth markets and help it scale its EV fleet offerings.
As the startup races to become Africa’s next unicorn, it joins a select club of companies, including Flutterwave, Andela, and Chipper Cash, that have reached billion-dollar valuations while building solutions from the continent for the world.
For African entrepreneurs, Moove’s trajectory signals growing investor confidence in scalable, Africa-led innovations. And as global VCs remain cautious, Moove’s ability to raise significant capital could be a testament to the resilience and global relevance of African-born startups.
