The African founded company, Moove, hopes to build the largest tech-driven financial services platform for mobility entrepreneurs by expanding it to the rest of the world. It’s already providing finances to drivers of ride-hailing platforms Uber and Bolt, in the UAE, India, UK and Africa.
One of entrepreneurs’ biggest concerns is to find the finances to buy a vehicle to earn a living. Not even to talk about the maintenance on the vehicle and the insurance. Moove is hoping to bridge this gap.
Meet the funders
The money raised includes $28 million in equity from new and existing investors. The investment is also driven by Mubadala Investment Company and BlackRock. Mubadala is a sovereign investor managing a diverse portfolio of assets in the UAE and abroad. BlackRock is an American multinational investment company based in New York City. BlackRock is the world’s largest asset manager.
Moove(ing) to greater heights
Moove co-founder Ladi Delano believes the business partnership is already accelerating the company to a global platform. “We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, Uk, and South Africa. [We are] continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.”
Delano is confident that with this financial backing Moove will be able to “create life-changing opportunities” for customers. “It gives us great pride in seeing our customers build a better life for themselves and their families, and this funding will allow us to offer this chance to more entrepreneurs.”
Moove helping more on global scale
Since its start Moove has always been about helping entrepreneurs who have the ideas and passion, but lack the funding. Afterall it was founded to help over 2 million African mobility entrepreneurs, who had no access to financing. It was started to help an immediate problem in Lagos and has since expanded to six cities in Africa.
This business model is now taking a bow on the international stage, with the help of the $76 million funding. It now hopes to help millions of mobility entrepreneurs who face the same limitations, having no access to vehicle financing.
Where is the company Moove(ing) towards?
Moove has experienced a 17x revenue growth since it launched a fundraiser two years ago. The company which was started during the COVID-19 pandemic in 2020, is empowering over 12,000 customers. They have completed over 22 million trips in their Moove-financed vehicles.
Faris Sohail Al Mazrui is the head of Ventures & Growth at Mubadala and said: “Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.”