African vehicle-financing startup Moove is seeking to raise more than $300 million at a valuation topping $2 billion, according to people familiar with the matter, a move that could place it among the continent’s largest startups.
Backed by Uber Technologies Inc., the company intends to channel the new funding into expanding its autonomous vehicle business, the sources said, requesting anonymity because the plans remain private, according to Tech in Africa.
Moove joins the ranks of fast-growing Nigerian-founded fintech companies such as Flutterwave and Interswitch, underscoring the rising potential of African startups as a young and growing population increasingly turns to technology for services spanning banking, mobility, and entertainment.
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In July, the company launched a debt round to finance the rollout of an autonomous-driving fleet in partnership with Alphabet Inc.’s Waymo and to support its U.S. expansion.
That effort secured more than $1 billion in debt financing, one of the sources said.
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove operates in over a dozen markets, including the United Arab Emirates, Mexico, and India.
Its model relies on a credit-scoring system that enables drivers to access financing for new vehicles used in ride-hailing, logistics, and delivery, with repayments tied to a portion of their weekly earnings.
The company has grown sharply, with revenues climbing from about $50 million in 2024, when it carried a valuation of around $750 million, to nearly $400 million in annualized recurring revenue, according to the sources.
Moove also achieved breakeven on earnings before interest, taxes, depreciation, and amortization in September 2024, they added.
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