Moove raises $100mn in Series B round

African mobility fintech company Moove has recently secured $100 million in a funding round, marking a significant milestone for the company as it gears up for expansion into new markets. The Co-founder of Moove, Ladi Delano, emphasized the importance of this funding in the company's plan to expand to 16 additional markets by the end of 2025. The focus will be on electric vehicles (EVs) for developed markets and transitioning to Compressed Natural Gas (CNG) for developing economies like Nigeria. Delano expressed excitement over the endorsement and support from strategic partners like Uber, who made their first investment in an African company through this funding round. Existing investors, including Mubadala and Afric Invest, also showed their continued support for Moove. The company's priority is to enhance its product offerings and achieve profitability in the coming financial year. With plans to add around 45,000 new vehicles to its platform, Moove is strategically looking towards sustainability by embracing EVs in developed markets and spearheading the transition to CNG in markets like Nigeria. Moove's commitment to Nigeria, its home market, remains strong despite the country facing various macroeconomic challenges. The company views Nigeria as an essential market to fulfill its mission of democratizing access to vehicle financing for mobility entrepreneurs. Despite the tough economic environment, Moove is dedicated to supporting its customers in Nigeria and all markets where it operates. The strategic move of Moove's headquarters to the United Arab Emirates (UAE) signifies the company's global expansion but remains deeply rooted in its African origins. The UAE's status as a financial hub provides Moove with access to markets and ecosystems that foster growth and innovation for startups. The recent funding has boosted Moove's valuation to approximately $750 million. While the numbers are impressive, the company's core focus remains on enhancing customer support, product accessibility, and driving growth. Moove aims to make a positive impact on customers by facilitating asset ownership and economic empowerment through its services. Currently operating in major African economies such as Nigeria, Ghana, South Africa, and Kenya, Moove is actively looking to expand its footprint across the continent. The company is committed to investing in Africa and hopes to inspire other African businesses to embark on a similar journey of growth and global expansion. Moove's success story serves as an inspiration for the African business landscape, showcasing the potential for local companies to scale globally and attract foreign investments. With a strong emphasis on sustainability and customer-centric innovation, Moove is set to make a lasting impact on the mobility fintech sector in Africa and beyond.