Wednesday, April 17, 2024
HomeFunding Mobility Fintech Moove Secures USD 100 Million in Series B Round...

[Funding Alert] Mobility Fintech Moove Secures USD 100 Million in Series B Round Funding

Mubadala is a Investment Company, a global, sovereign investor with an entrepreneurial spirit, is to generate long-term profits for Abu Dhabi.

With the assistance of Uber and Mubadala, Moove raises $100 million in Series B investment, valued at $750 million. With an emphasis on electric cars (EVs) to promote sustainability, Moove will be able to extend its revenue-based, customer-centric vehicle finance services to 16 markets worldwide by the end of 2025.

With its headquarters located in the United Arab Emirates, Moove seeks to spearhead the electrification of transportation while advancing the region’s goals for technical advancement and economic diversification. Moove, a global finance firm for mobility that helps mobility entrepreneurs access car ownership globally, has raised $100 million in Series B funding at a valuation of $750 million.

Read also – Tunisia-Based Clusterlab Secures $600,000 Pre-Seed Funding

Uber and Mubadala participated in this financing round; the latter had headed its prior funding round in 2023.

By the end of 2025, the capital will enable Moove to expand its revenue-based, customer-focused auto lending services to 16 markets worldwide.

Over 20,000 mobility businesses have benefited from its assistance across three continents, enabling over 30 million sponsored journeys and generating recurring revenue surpassing $115 million annually. Electric cars (EVs) will be the main focus of this growth, helping to provide the foundation for a global mobility ecosystem that is more accessible and sustainable.

Founder of Moove, Ladi Delano, said, “Today’s announcement marks a significant milestone for us. Since our inception in 2020, our goal has been to address the acute shortage of vehicle financing faced by over two million African mobility entrepreneurs.

“The support from Uber and others underscores the transformation of our dream into a tangible reality. This infusion of capital will amplify the positive impact our products have on our customers’ lives on a broader scale. I extend my heartfelt gratitude to our dedicated team of Moovers for their relentless effort and commitment, crucial in achieving this milestone.”

Since its founding in 2020, it has offered equitable, easily accessible, and reasonably priced revenue-based car financing solutions. The UAE, a developing center for entrepreneurship and cutting-edge businesses, is home to its headquarters.

Read also – Kaya Founders Secures $18M to support Filipano entreprenures

The growing alliance between Moove and Mubadala demonstrates how local UAE investors and entrepreneurs can work together to promote growth and innovation on a global scale.

Being the first market in which it presented its fully integrated charging solution and made the switch to a 100% electric fleet, the UAE is strategically significant to the company.

This emphasis on innovation and sustainability is consistent with its dedication to influencing the direction of regional mobility and advancing the UAE’s goals of economic diversification and technical growth.

Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, expressed, “We are proud to continue supporting Moove through our second round of funding, reflecting our commitment to nurturing the startup ecosystem in the UAE and our trust in its vision and capabilities.”

Ladi Delano said, “This recent investment is transformative for Moove, enabling us to introduce 45,000 new vehicles to our platform and expand our operational capacity. It also supports our journey towards profitability by the next financial year. We are dedicated to building Moove sustainably, with a focus on our customers and profitability. Our aim is to lead the electrification of mobility, contributing to a zero-emission future.”

About Moove

Moove was established as a solution to the problem of limited access to car financing, which affects more than two million African mobility businesses. Moove is a Nigerian global start-up.

About Mubadala

Mubadala is a Investment Company, a global, sovereign investor with an entrepreneurial spirit, is to generate long-term profits for Abu Dhabi.

- Advertisement -
- Advertisment -

Most Popular