Moove, a Nigerian-born startup, is changing the approach to vehicle financing for drivers in the ride-hailing industry and aims for unicorn status with a new $300 million funding round.
Overview of Moove
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove is rapidly scaling its operations by providing flexible financing options to drivers through affordable repayment plans tied to their ride-hailing earnings.
Expansion and Partnerships
Moove operates in nine African countries, including Nigeria, South Africa, and Kenya, and has expanded to the United Kingdom, India, and the United Arab Emirates. The startup has attracted attention through its partnerships with giants like Uber, serving as the exclusive vehicle financing partner in sub-Saharan Africa.
Prospects and Challenges
Among the challenges facing Moove are the high competition in the ride-hailing market with players like Bolt and inDrive, as well as economic instability in key markets like Nigeria. However, despite the risks, the company continues to grow and develop, shifting towards electric vehicle financing.
As Moove prepares to close its $300 million funding round, it may transform the mobility market in Africa and attract further investments in continental startups.
