Uber-Driver Supplier Moove Raises $105 Million For New Markets

(Bloomberg) -- Moove Africa BV, a Nigerian startup that provides vehicle financing to Uber Technologies Inc. drivers among others, raised $105 million to expand operations in new markets including in Asia and the Middle East.

The round brings the total raised by the fintech group to $174.5 million. The funding was led by existing investors, Speedinvest, Left Lane Capital and thelatest.ventures, with the participation of new backers including AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital, Moove said in a statement Monday.

Established in 2020 by Ladi Delano and Jide Odunsi, Moove provides financing for vehicle and other forms of mobility across Africa through a scoring system to pick eligible borrowers that may not have a credit record. The company plans to add seven new markets over the next six months, it said. 

Moove is one of a number of African startups to be raising cash, particularly in the fintech sector. New firms on the continent raised a record $5 billion last year. Moove was one of them, attracting $23 million in August.

The company is “well-positioned and well funded” to help tackle the challenge of limited access to vehicle finance in emerging markets, Ladi Delano, co-founder said. “We’re delighted to have the support of leading investors across the globe.”

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