Moove, the pioneering mobility fintech company, has unveiled a significant milestone by raising $76 million in new funding. This latest funding round comprises a diverse mix, including $28 million in equity from both new and existing investors, led by Mubadala Investment Company (Mubadala), $10 million in venture debt from funds and accounts managed by BlackRock, and an additional $38 million from undisclosed funds secured over the past year.
This African-founded venture is on a mission to construct the world’s largest tech-powered financial services platform for mobility entrepreneurs. With this fresh injection of capital, Moove is poised to fortify its global presence and advance its vision of delivering cutting-edge solutions to mobility-related financial challenges.
Signaling Global Expansion and Product Innovation
Moove’s compelling value proposition has garnered global attention, prompting expansion into diverse markets. The new funding will serve as a catalyst for the company’s further international growth ambitions. Moove plans to introduce a slew of innovative products while charting a course to achieve profitability by the end of the fiscal year.
This investment is a testament to Moove’s ability to adeptly serve its customers across a spectrum of developing and developed markets. The financial backing not only marks the beginning of a strategic partnership but also welcomes Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, to the Moove advisory board.
Impressive Growth Figures
Moove’s trajectory has been characterized by remarkable accomplishments. Since its inception, the company has experienced an impressive 17-fold increase in revenue following its Series A fundraise just two years ago. An impressive feat, Moove has empowered over 12,000 customers who have collectively completed more than 22 million trips in vehicles financed through Moove across 13 markets. The company stands as Uber’s largest vehicle financing partner in EMEA, and astonishingly, it has emerged as the leading EV fleet operator on the Uber platform in the UAE, all within a mere four months since launch.
A Vision of Transformation and Empowerment
Ladi Delano, Co-founder and Co-CEO of Moove, commented on this momentous achievement, saying, “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, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.”
Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, emphasized the enormous potential of Moove’s mission, stating, “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.”
Sean Dunne, Managing Director at BlackRock (formerly Kreos Capital), added, “We believe Moove has the potential to play a vital part in the electrification of mobility. Moove is providing its customers access to finance and the chance to participate in the transformation of the mobility sector, by growing its global EV fleet.”
Ladi Delano concluded, “With this investment, we will now accelerate our mission and continue creating life-changing opportunities for our customers while working towards profitability. 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.”
As Moove propels forward, its unwavering commitment to innovation and empowerment remains at the forefront, poised to reshape the landscape of mobility and finance on a global scale.