visimoney
TLDR:
Uber leads a $100 million investment round in African fintech startup Moove. The funding will help Moove expand to more markets and strengthen its partnership with Uber to provide financing to ride-hailing drivers. Moove’s total funds raised to date now amount to about $460 million. The startup offers revenue-based car financing to drivers, allowing them to purchase new vehicles with a share of their weekly earnings.
Moove, a car-financing startup, has raised $100 million in a Series B round led by Uber
This brings Moove’s total funds raised to $460 million, with $250 million in equity and $210 million in debt
Moove offers revenue-based car financing to ride-hailing drivers, allowing them to purchase new vehicles with a share of their weekly earnings. The company plans to expand to 16 more markets by the end of 2025 with the new funding. Moove’s partnership with Uber aims to provide a reliable stream of drivers for its ride-hailing platform.
The funding round also included other investors such as Mubadala Investment Company, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. Moove’s CEO sees the investment as a validation of the company’s business model.
