Uber To Invest Up To $100M In Nigerian Vehicle Financing Startup Moove

Uber Technologies Inc. is set to invest in Nigerian startup Moove in a funding round that could reach up to $100 million, Bloomberg reports.

Moove

Founded in Lagos in 2020 by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove has expanded its reach beyond its origins.

The duo’s aim is to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.

With its headquarters in Amsterdam, the company now operates across Africa, the UK, the UAE, and India. 

Moove’s innovative business model revolves around a unique credit-scoring system, offering vehicle financing to drivers for ride-hailing, logistics, and delivery services.

This approach allows drivers, who might otherwise be unable to access traditional financing means, to own vehicles by paying a portion of their weekly income. 

Read: Nigerian Vehicle Financing Platform That Supplies Uber Drivers Raises $20M In Funding

Moove And Uber

The new relationship with Uber, as their exclusive vehicle financing and supply partner in sub-Saharan regions, has been a cornerstone of Moove’s growth strategy.

The potential investment by Uber in Moove aligns with a broader trend of technology-driven services gaining traction in Africa. 

The continent has seen a surge in the adoption of fintech solutions in various sectors, including banking, ride-hailing, and entertainment. 

This move by Uber is expected to enhance Moove’s valuation to approximately $750 million, a significant leap from its current $650 million. 

However, the final figures of the investment, estimated to be between $75 million and $100 million, are yet to be finalized as negotiations continue privately.