Vehicle-financing startup Moove is seeking fresh capital at a valuation more than $2 billion, potentially making it one of Africa’s biggest startups, according to a Bloomberg report citing, people familiar with the matter.
Moove uses a credit-scoring system to enable drivers to access financing to buy new vehicles for ride hailing, logistics and deliveries, and repay it using a percentage of their weekly income.
The startup was founded by Ladi Delano and Jide Odunsi in 2020, and it now operates in more than a dozen markets, including the United Arab Emirates, Mexico and India.
The Uber Technologies Inc-backed company plans to raise more than $300 million in the round.
The company plans to use the additional funds to expand its autonomous vehicle business, said the people.
Moove is one of several rapidly growing fintechs, including Flutterwave and Moniepoint, founded in Nigeria, Africa’s most populous country.
It shows the growing opportunity for tech startups on the continent, which has a large and growing population of young people increasingly using technology for services like banking, ride-hailing and entertainment.
In July, Moove also opened a debt round to help finance a rollout of an autonomous-driving fleet with Waymo and expand in the US.
The company managed to secure debt in excess of $1 billion.
The vehicle-financing startup has increased its revenues from about $50 million in 2024, when it was valued at about $750 million, to close to $400 million in annualized recurring revenue.
It managed to break even in terms of earnings before interest, taxes, depreciation, and amortization in September 2024, Bloomberg reported.
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