Moove Is Gearing Up for a $300M Ride
Mobility fintech startup Moove is back in the fast lane and this time, it’s aiming for a $300 million boost. The company, best known for helping Uber and Bolt drivers get wheels across Africa, is reportedly courting investors for one of the biggest raises in its space this year.
But don’t confuse this for victory just yet the deal’s still in the garage. Moove hasn’t closed the round. They’re looking to raise. And if they succeed, it could be a game-changer for Africa’s $30 billion+ auto financing gap.
From Lagos Hustle to UAE Flex
Moove started in Nigeria but now operates from Dubai, eyeing emerging markets like Tanzania, India, and South Africa. Its business model? Simple but potent: finance vehicles for gig drivers who can’t access traditional loans. No bank history? No problem Moove uses driver behaviour and earnings data to underwrite financing.
The company is already backed by big hitters like:
- IFC (International Finance Corporation)
- SpeedInvest
- Left Lane Capital
They’ve also raised debt and equity in the past but this new $300M could hit a new gear for product scale and EV deployment.
What’s the $300M For?
Moove’s next growth phase looks like this:
- Push into electric vehicles across emerging markets
- Scale vehicle maintenance and insurance bundles
- Expand into more cities across Africa, the Middle East, and Asia
- Supercharge its in-app financing tools and tech stack
With 15+ cities already live and over 13,000 vehicles financed, Moove is turning into a fintech-meets-fleet powerhouse.
Moove vs the Market: What’s at Stake?
Downside Risk: Big capital = bigger burn. Investors will be watching profitability, loan default rates, and driver retention.
Upside Potential: If Moove cracks the mobility-finance loop, it becomes a financial OS for Africa’s gig workers. Think PayPal + Uber + Toyota Finance.
Final Take from Financial Juggernut
Moove isn’t just moving cars it’s moving the financial narrative around asset ownership in Africa. If this $300M raise closes, it could set the tone for mobility-focused fintechs across the continent.
But it’s not just about raising money it’s about deploying it with precision.
