Moove Shifts Gears with $100 Million Funding Round

Ride-hailing and delivery drivers can breathe a sigh of relief as Moove, a global mobility fintech championing vehicle ownership for these "mobility entrepreneurs," announced a successful $100 million Series B funding round today.

The funding, led by sovereign wealth fund Mubadala (a repeat investor from Moove's 2023 Series A) and ride-hailing giant Uber, marks a significant shift for Moove. The fresh capital injection propels the company's ambitious plan to expand its revenue-based vehicle financing program to 16 new markets by the end of 2025. This strategic growth spurt will see Moove establish a presence in a wider range of regions, empowering a greater number of mobility entrepreneurs to become car owners.

Moove's financing model allows drivers to bypass traditional car loans and high down payments, a major hurdle for many aspiring entrepreneurs. Instead, Moove purchases fleets of vehicles and sells them to drivers through their platform. Repayments are then calculated based on a percentage of the driver's earnings, making car ownership a more accessible reality.

This win-win approach has proven successful. Moove boasts over 20,000 mobility entrepreneurs across three continents who have collectively completed over 30 million trips financed by the company. This impressive track record has translated into a robust annual recurring revenue exceeding $115 million, a strong indicator of Moove's trajectory towards profitability.

The strategic investment from Uber in particular signifies a potential turning point for both companies. Moove's expansion aligns with Uber's global reach, presenting an opportunity for streamlined driver recruitment and potentially discounted electric vehicle (EV) options within the Moove marketplace. This collaboration could fuel the adoption of EVs in the ride-hailing and delivery sectors, promoting a more sustainable transportation ecosystem.

Looking ahead, Moove's $100 million funding round positions the company as a major player in democratizing car ownership for mobility entrepreneurs. With a clear vision for global expansion and a strategic partnership with Uber on the horizon, Moove is poised to disrupt the traditional car ownership landscape and empower a new generation of drivers.

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