Start-Ups

Uber To Invest $100 Million In African Mobility Fintech, Moove

Uber Technologies Inc. is reportedly in discussions to inject $100 million into Moove, an African vehicle-financing startup.

Moove
Moove [PHOTO CREDIT: Tech Cabal]

Sources familiar with the matter, as reported by Bloomberg, indicate that Uber is poised to join a consortium of investors in this funding round. The investment is anticipated to escalate Moove’s enterprise value to approximately $750 million from its current standing of around $650 million.

While the funding round is still ongoing, the final amount remains subject to change, with estimations ranging between $75 million and $100 million, as per Bloomberg’s sources.

Established in 2020, Moove was designated by Uber as its official vehicle-financing partner for sub-Saharan Africa. Through this collaboration, drivers gain access to vehicles without the need for a down payment, repaying through daily instalments deducted from their Uber earnings.

Founded by Nigerian entrepreneurs Ladi Delano and Jide Odunsi in Lagos, Moove endeavours to assist aspiring drivers on ride-hailing platforms who face hurdles in accessing vehicle financing. Employing a credit-scoring mechanism, the startup extends financing to drivers to procure new vehicles for various purposes, including ride-hailing, logistics, and deliveries, with repayments structured as a percentage of their weekly income.

Moove, headquartered in Amsterdam, presently serves as Uber’s financing ally in Africa and India, with operational reach extending to the UK and UAE. The potential $100 million investment from Uber could potentially deepen this partnership, facilitating broader driver financing initiatives on a global scale.

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