Moove Secures $100 Million in Series B Funding at a $750 Million Valuation to Scale Global Mobility Financing

LAGOS / DUBAI — Moove has officially closed a $100 million Series B funding round, pushing the global mobility fintech’s valuation to $750 million. The round attracted strategic capital from ride-hailing giant Uber alongside continued support from UAE sovereign wealth fund Mubadala, which led Moove’s prior funding round in 2023. BofA Securities acted as the exclusive financial adviser to Moove for the transaction.

The milestone brings Moove’s cumulative funding to over $250 million in equity and more than $210 million in debt financing since its founding in 2020. The injection comes on the heels of a high-growth period for the startup, which saw its annual recurring revenue (ARR) cross $115 million in 2023, positioning the business on a clear trajectory toward overall profitability within the next financial year.

“When we founded Moove in 2020, we were motivated to solve the acute shortage of vehicle financing that over two million African mobility entrepreneurs faced,” said Ladi Delano, Founder of Moove. “This validation from Uber and others stands as a testament to the fact that what was once a dream is now a palpable reality. This infusion of capital is set to amplify the immensely positive impact our products have in the lives of our customers on a much broader spectrum.”

Moove plans to deploy the fresh capital to broaden its customer-focused, revenue-based vehicle financing model into 16 markets globally by the end of 2025. The expansion will significantly prioritize electric vehicles (EVs), adding 45,000 new vehicles to its global platform and deepening the company's commitment to building a zero-emission mobility network.

While Moove was founded to democratize vehicle ownership across Africa—where credit scoring and vehicle financing historically faced severe structural gaps—it has since scaled its model across three continents. The UAE has served as a primary testing ground for its sustainability roadmap, hosting Moove's first 100% EV fleet transition and dedicated charging infrastructure network.

“We are proud to continue supporting Moove through our second round of funding, not only as a testament to our commitment to nurturing the startup ecosystem in the UAE but also as a reflection of our renewed trust in Moove's vision and capabilities,” said Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform. “This follow-on investment exemplifies Mubadala’s strategy of deploying capital to drive positive change in communities.”

To date, Moove has served over 20,000 mobility entrepreneurs and enabled more than 30 million financed trips globally, impacting the livelihoods of over 80,000 people. Additional investors participating in the Series B syndicate include The Latest Ventures, Africinvest, Palm Drive Capital, Triatlum Advisors AG, and Future Africa.

Learn Moore at: https://www.moove.io/en-WO/drive-to-own/announcements/Moove-series-b