Moove secures $100m in Series B to expand global reach and enhance EV offerings
In a major move that underscores the rapid evolution of the global mobility landscape, Moove, the fintech revolutionizing access to vehicle ownership, has announced a $100 million Series B funding round, catapulting the company’s valuation to an impressive $750 million. This latest financial injection, with significant contributions from Uber and Mubadala—the latter leading Moove’s previous funding round in 2023—marks a pivotal moment in the company’s journey to democratize vehicle ownership across the globe.
The infusion of capital is poised to turbocharge Moove’s strategic plan to broaden its innovative customer-focused, revenue-based vehicle financing model across 16 markets by the end of 2025. A significant portion of this expansion will pivot towards electric vehicles (EVs), laying a foundational stone for a sustainable and accessible mobility ecosystem worldwide.
Founded in 2020 by Ladi Delano with the vision to address the acute shortage of vehicle financing, Moove has rapidly ascended as a beacon of innovation and inclusivity in the mobility sector. Delano expressed his enthusiasm, stating, “Today’s announcement marks a significant milestone for us… This infusion of capital is set to amplify the immensely positive impact our products have in the lives of our customers on a much broader spectrum.”
Now headquartered in the UAE, a burgeoning hub for entrepreneurship and innovation, Moove is strengthening its partnership with Mubadala, exemplifying the potential of local investor-startup collaboration to spur growth and innovation both regionally and globally. The UAE market, in particular, has been instrumental in Moove’s strategic shift towards sustainability, with the company pioneering the move to a 100% EV fleet and leading in the number of EV trips on the Uber UAE platform in 2023.
To date, Moove’s impact is palpable, having enabled over 20,000 mobility entrepreneurs across three continents to complete more than 30 million trips, generating an annual recurring revenue surpassing $115 million. This trajectory not only highlights Moove’s path to profitability but also its substantial role in redefining the mobility landscape.
Ali Eid Al Mheiri, Executive Director at Mubadala, lauded the continued partnership, emphasizing the investment’s role in fostering community-driven change and innovation. This round of funding is set to dramatically extend Moove’s reach, introducing 45,000 new vehicles to its platform, reinforcing its commitment to a sustainable and customer-centric business model.
Moove’s recent Series B funding round is more than a financial milestone; it’s a robust affirmation of the fintech’s innovative model, strategic partnerships, and vision for the future of mobility. By focusing on electrification and expansion, Moove is not only navigating towards profitability but also steering the global mobility ecosystem towards a more sustainable and inclusive future.
As Moove gears up to scale its operations globally, its journey reflects the transformative power of fintech in bridging gaps in financial accessibility and championing the transition to sustainable transportation solutions.