Moove Raises $76 Million to Provide Financial Services for Mobile Gig Workers

Moove has secured $76 million in new funding to expand its financial services platform for mobility gig workers.

The new funding consists of $28 million in equity from new and existing investors, a process led by Mubadala Investment Company; $10 million venture debt from funds and accounts managed by BlackRock; and $38 million in previously undisclosed funds raised during the prior 12 months, the Nigeria-based mobility FinTech said in a Thursday (Aug. 10) press release.

“With this investment, we will now accelerate our mission and continue creating life-changing opportunities for our customers while working towards profitability,” Moove Co-Founder and Co-CEO Ladi Delano said in the release.

Since its previous fundraise in 2020, Moove has reported 17x revenue growth and has enabled more than 12,000 customers to complete more than 22 million trips in Moove-financed vehicles across 13 markets, according to the press release. The business has also become Uber’s largest vehicle financing partner in EMEA and now operates the largest EV fleet on the Uber platform in the UAE.

With the new funding, Moove will “double down” on its already profitable markets in the United Arab Emirates (UAE), India, the United Kingdom and South Africa; continue to invest in its customer experience; and accelerate its product development, Delano said.

Faris Sohail Al Mazrui, head of ventures and growth at Mubadala, said in the release: “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, added: “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. As countries continue to develop, moving away from private car ownership, and towards shared mobility solutions and ride-hailing, Moove can be at the forefront of that change.”

Recent years have seen the emergence of several platforms that are helping digitize auto markets in the Middle East and Africa. In the case of Moove, it finances drivers’ vehicle purchases and then automatically collects revenue-based payments from their earnings via its partnership with Uber.