Nigeria-based Moove has raised USD 76 million in a new funding round that will support its mission to transform financial services for mobility gig workers. The total sum consists of USD 28 million obtained in equity from both new and existing investors, orchestrated by Mubadala Investment Company, along with USD 10 million in venture debt from funds managed by BlackRock, and an additional USD 38 million in previously undisclosed funds raised over the past year.

Moove, which originated in Africa, has set its sights on expanding its tech-centred financial services platform for mobility entrepreneurs on a global scale. In 2020, Moove was established to address the scarcity of vehicle financing confronting more than two million mobility entrepreneurs in Africa. The company's trajectory has led to its expansion across various regions, and its future plans include broadening its global footprint, introducing fresh products, and aiming for profitability by the year's end.

Representatives from Moove expressed enthusiasm about this new funding round and highlighted the company's plans to strengthen existing markets such as the UAE, India, the UK, and South Africa, improving customer experience and expediting product development to attain group-wide profitability. Moove's growth over the years Moove's trajectory has seen noticeable growth since the company's inception, including a significant increase in revenue owed to a successful Series A funding round from 2021. Representatives from BlackRock (formerly Kreos Capital), emphasised Moove's potential in the context of mobility electrification.

By offering finance options and facilitating participation in the mobility sector's transformation through expanding its EV fleet, Moove is showing potential in this evolving landscape. They also highlighted Moove's potential to become a socially impactful fintech, aimed at extending financial services to those underserved by conventional lenders. By embedding its proprietary alternative credit scoring technology into platforms such as ride-hailing, logistics, mass transit, and instant delivery, Moove aims to facilitate financing for customers who were once excluded from such opportunities.

Moove's presence spans 13 markets across Africa, the Middle East, Europe, and Asia. In March 2022,  Moove has announced it raised USD 105 million in a Series A2 funding round led by global investors such as SpeedInvest and Left Lane Capital, with the participation of Kreos Capital, and others. Moove received its first Series A round of investment in August 2021, comprising of USD 23 million, and since then it added several new strategic partners to its portfolio, including two new vehicle classes.

The company uses an in-house built alternative credit scoring technology to finance its customers and help them purchase new vehicles using a percentage of their weekly revenues, in areas with low access to credit. .