Mobility fintech, Moove has secured $76m in new funding to support the expansion of its financial services for mobility gig workers
The funding consists of $28m in equity from new and existing investors in a process led by Mubadala Investment Company, $10m venture debt from funds and accounts managed by BlackRock, and $38m in previously undisclosed funds raised during the prior twelve months.
The African-founded business, which claims to be the world’s first mobility fintech, said it will use the funding to continue to enhance its tech-driven financial services platform.
Moove was founded in 2020 in response to the lack of vehicle financing faced by over two million African mobility entrepreneurs. The firm said it plans to launch multiple new products with a goal to reach profitability by the company year-end. The funding also signifies the start of a relationship that will also see Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, join the Moove advisory board.
Ladi Delano, Co-founder and Co-CEO of Moove said: “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, Mubadala added: “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.”
Moove is currently Uber’s largest vehicle financing partner in EMEA, operating the largest EV fleet by supply hours on the Uber platform in the UAE. According to the firm, a key driver behind its existence is the need to provide financial services to those who are unbanked or underserved by traditional lenders, so they can obtain revenue-based financing and access a path to asset ownership and financial stability.
Sean Dunne, Managing Director, BlackRock (formerly Kreos Capital), said: “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. 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.”
