Uber Leads $100M Funding Round for Moove, Valuing the African Mobility Fintech at $750M
November 2025 — African mobility fintech Moove has raised $100 million in Series B funding, with Uber leading the round — marking its first-ever investment in an African startup. The deal pushes Moove’s valuation to $750 million, up from $550 million in its previous raise.
Other participants include Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, Future Africa, and others.
Moove has now raised $250 million in equity and $210 million in debt to date.
Expansion Plans and Business Model
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove operates across 13 cities in six countries, including Nigeria, South Africa, Ghana, the U.K., India, and the UAE.
The company plans to expand to 16 markets by the end of 2025, using the new funds to scale its revenue-based vehicle financing platform.
Moove buys vehicles, then sells them to ride-hailing and delivery drivers using a credit-scoring system. Drivers pay back loans weekly through their earnings. The fleet includes both gas-powered and electric vehicles (EVs) such as Teslas, aligning with Moove’s sustainability goals.
Why Uber Invested in Moove
Uber operates in eight African countries and completed over 1 billion rides in 2022. By investing in Moove, Uber secures a steady supply of drivers and vehicles across its African markets.
Moove plans to add 45,000 new vehicles to Uber’s platform, deepening the partnership. The investment also supports Uber’s global goal of achieving a 100% zero-emission fleet by 2040.
Moove runs large EV fleets in the U.K. and UAE, and it plans to introduce over 20,000 EVs in India. However, limited charging infrastructure in Africa has pushed Moove to pilot compressed natural gas (CNG) vehicles in Nigeria as a transitional step.
Addressing Driver Challenges
Drivers in Nigeria have faced rising fuel prices, currency instability, and inflation above 30%. Some have protested high remittances and operating costs.
To ease the pressure, Moove launched “Moove Cares”, offering fuel subsidies, reduced weekly remittances by 33%, and longer repayment periods (from 48 to up to 60 months).
Despite economic headwinds, Delano said Moove remains committed to Nigeria, its founding market, citing a “clear roadmap back to profitability.”
Growth Strategy and Global Reach
Moove is expanding through geographic and category diversification, serving ride-hailing, logistics, mass transit, and instant delivery platforms.
Sources told TechCrunch that Moove recently partnered with Bolt, Uber’s rival, to broaden driver opportunities, though the company hasn’t confirmed details.
Moove now serves over 20,000 drivers and has powered more than 30 million trips, up from 22 million last year. Annual recurring revenue grew from $90 million to $115 million, and the company expects to achieve profitability next year.
The startup has also relocated its headquarters to the UAE, where it operates its most advanced EV charging infrastructure. Moove plans to expand into Southeast Asia and Latin America next.
“We believe in the potential of the African market,” said CEO Ladi Delano, “but we’ll keep investing where we see a clear path to profitability and sustainable growth.”
