From Helping Drivers Buy Cars To A $2.1 Billion Valuation
Moove started with a simple goal: help ride-hailing drivers buy their own cars. Six years later, that idea has turned the company into Africa’s newest unicorn. Moove just raised $250 million in a Series C funding round, and that deal now values the mobility fintech startup at $2.1 billion.
Nigerian entrepreneurs Ladi Delano and Jide Odunsi founded Moove in 2020. They set out to fix a problem that had held back drivers across Africa for years: limited access to vehicle financing. Rather than relying on traditional credit scores, Moove built a revenue-based model instead. Drivers repay their vehicle loans using a share of their weekly earnings, which opened financing to people banks would normally turn away.
Moove’s Business Model Expands Beyond Ride-Hailing
That original idea has grown into something much bigger. Moove now runs its headquarters out of Dubai. The company finances, owns, and operates entire vehicle fleets, covering everything from everyday ride-hailing cars to the infrastructure that supports autonomous robotaxi services.
Moove’s reach has expanded just as fast as its business model. Investors including Uber and Mubadala Investment Company back the company, which has pushed into Europe, the Middle East, Asia, and Latin America. Along the way, Moove has raised hundreds of millions of dollars through a mix of debt and equity financing.
Revenue Growth Behind The Unicorn Status
Moove’s financial results tell a similar growth story. According to TechCabal, the company’s annual recurring revenue climbed from $275 million in 2024 to roughly $400 million the following year. That jump in revenue helps explain why investors were willing to back Moove at a $2.1 billion valuation, cementing its place as Africa’s newest unicorn and one of the continent’s biggest mobility fintech success stories.
