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 [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.

Related Articles

Thepeer founders

Nigerian Fintech Thepeer Shuts Down After 3 Years

Thepeer, a fintech firm based in Nigeria, has abruptly declared that it...

Ethiopia's Dodai Raises $4 Million Series A As Government Moves to Ban Fuel Vehicles

Ethiopia’s Dodai Raises $4 Million Series A As Government Moves to Ban Fuel Vehicles

Amid Ethiopia’s official push to phase out fuel cars, Dodai, a Japanese...

Kenya's Insurtech Startup mTek Gets $1.25 Million For AI

Kenya’s Insurtech Startup, mTek Gets $1.25 Million For AI

Bente Krogmann and Christopher Osore made headlines in 2019 when they co-founded...

Simera Sense Team Photo

South African Simera Sense Raises $14.75 Million To Enhance Production Capacities

Simera Sense, a pioneering tech firm based in South Africa, has successfully...