Ride-hailing and delivery drivers can buckle up for a smoother ride as Moove, a global mobility fintech company, announced a successful $100 million Series B funding round. This significant investment, secured in March 2024, propels Moove's valuation to a staggering $750 million and fuels their ambitious global expansion plans.
The funding round welcomed both new and returning investors. Ride-hailing giant Uber marked its first foray into African investment by participating in the round. This strategic move strengthens the ties between Moove and Uber, potentially creating a win-win situation for both companies. Moove benefits from Uber's extensive network and industry expertise, while Uber gains access to a reliable pool of financed drivers, bolstering their ride-hailing operations.
Mubadala, the Abu Dhabi sovereign wealth fund, also played a key role. Having led Moove's previous funding round in 2023, their continued participation underscores their confidence in Moove's innovative business model. This renewed support is particularly significant as Moove relocates its headquarters to the United Arab Emirates, aligning with the region's focus on technological advancement and economic diversification.
Moove's core mission centers on democratizing access to vehicle ownership for mobility entrepreneurs. Their unique revenue-based financing model removes traditional barriers faced by drivers seeking car loans. Instead of relying on credit scores, Moove assesses a driver's income generated through ride-hailing and delivery platforms. This empowers individuals who might otherwise be excluded from traditional financing options to become car owners and build sustainable livelihoods.
The $100 million injection serves as a springboard for Moove's ambitious global expansion strategy. The company envisions extending its reach to 16 markets by the end of 2025. A significant portion of this expansion will prioritize electric vehicles (EVs), making Moove a key player in the transition towards a more sustainable and environmentally friendly mobility ecosystem.
This strategic focus on EVs aligns with Uber's commitment to achieving a fully zero-emission fleet by 2040. Moove's expertise in financing EVs could prove invaluable in Uber's journey towards a greener future. The collaboration between these two mobility giants holds the potential to revolutionize the transportation landscape, promoting not only driver empowerment but also environmental responsibility.