Mar 19, 07:36 AM

Uber Leads $100M in Moove, Boosting Valuation to $750M from $550M

Uber has led a $100M Series B funding round in the African mobility fintech company Moove, raising its valuation to $750M from $550M in August 2023. The investment, also backed by Mubadala, aims to support Moove's expansion into 16 markets, including Latin America and Southeast Asia, by the end of 2025. Moove, which offers car financing to ride-hailing drivers, plans to add 45,000 new vehicles to Uber's platform by April 2026, focusing on electric vehicles (EVs). The company has already served over 20,000 customers, completing more than 30 million trips, and reports an annual recurring revenue (ARR) of $115M. Founded by Ladi Delano and Jide Odunsi in 2020, Moove aims to address the vehicle financing gap faced by millions of African mobility entrepreneurs.