Nigerian mobility fintech Moove, which provides vehicle financing for ride-hailing drivers, is expanding its operations to the U.S. The four-year-old startup, co-founded by Ladi Delano and Jide Odunsi, has begun hiring for key positions in Los Angeles and California, as it works towards achieving profitability by 2025. Open roles include a managing director and a head of debt capital market, the latter responsible for spearheading fundraising efforts and structuring complex financial transactions.
This expansion follows Moove’s $100 million funding round in March 2024, backed by Uber, Future Africa, Dubai-based The Latest Ventures, AfricInvest, Palm Drive Capital, and Triatlum Advisors. While Moove did not disclose all the new markets it plans to enter, it emphasized its focus on financing electric vehicles (EVs) in these regions. Currently, Moove operates in six markets: Nigeria, South Africa, Ghana, the U.K., India, and the UAE. The startup intends to expand to six more countries by 2025.
Moove’s expansion into the U.S. mirrors its 2023 launch in the UAE, where it operates a 100% EV fleet and contributed significantly to the number of electric trips on Uber’s UAE platform. It also runs EV fleets in the U.K. and has plans to introduce over 20,000 EVs to Uber in India.
The partnership with Uber may help Moove extend its zero-emission vehicle fleet to the U.S., where electric vehicles are growing in popularity. Moove’s model involves financing vehicles for drivers and deducting a portion of their income weekly to enable them to pay for the car in installments. While this model has faced challenges in Nigeria due to inflation and fuel price hikes, the U.S.’s more stable economy and reliable credit systems are expected to mitigate such issues.
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