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Moove, a UAE-headquartered mobility fintech firm, has secured $100 million in a Series B round, which included investors such as Uber and Abu Dhabi’s sovereign investor Mubadala.
Founded in 2020 in Nigeria, Moove offers vehicle financing to ride-hailing and delivery app drivers.
The current investment takes its total equity funding to $350 million and debt funding to $210 million, with a company valuation of $750 million, Moove said.
The company said this round of funding will enable it to extend its operations to 16 markets by the end of 2025, which will further expand its global mobility business and increase vehicle supply, “enabling accelerated growth in multiple geographies and increased EV adoption across multiple markets,” according to a statement.
Moove revealed the funding comes after a year of “significant growth”, which saw its annual recurring revenue (ARR) cross $115 million, with the company on course to achieve profitability in the next financial year.
In August last year, Moove announced it had secured $76 million in new funding, consisting of $28 million in equity from new and existing investors, in a process led by Mubadala, along with $10 million venture debt from funds and accounts managed by BlackRock, and $38 million in previously undisclosed funds raised during the prior twelve months.
(Writing by Bindu Rai, editing by Seban Scaria)
