Credit By: Wamda
Mubadala Investment Company, a sovereign investor from the UAE, has led a funding round that successfully secured $76 million in equity and debt for Moove, a fintech company based in Nigeria. Moove specializes in mobility solutions and offers vehicle financing to drivers associated with ride-hailing services like Uber.
Moove revealed in a statement on Thursday that the funding comprises three components: $28 million in equity from both existing and new investors, with Mubadala taking a pivotal role; $10 million in venture debt provided by funds and managed accounts from BlackRock; and $38 million in funds raised during the preceding 12 months, which had not been publicly disclosed.
Faris Sohail Al Mazrui, the Head of Ventures and growth at Mubadala is set to join Moove’s advisory board. He expressed, “Moove has constructed a tremendously scalable technology-driven platform that serves mobility entrepreneurs on a global scale, extending access to credit and other financial services that were previously inaccessible to them. We see substantial long-term potential in this significantly underserved and underbanked market.”
Ladi Delano, Co-founder and Co-CEO of Moove, conveyed, “Our partnership with Mubadala and BlackRock ignites our enthusiasm to enhance further our already successful markets, including the UAE, India, UK, and South Africa. We will continue elevating customer experiences and expediting product development to achieve group-wide profitability within 12 months.”
Established in 2020, Moove plans to employ the raised capital to extend its global reach and solidify its presence. The company operates across 13 markets spanning Africa, the Middle East, Europe, and Asia. It is Uber’s principal vehicle provider in the EMEA region and holds the second-largest position in the Indian vehicle market. Additionally, Moove boasts the largest fleet of electric vehicles (EVs) based on supply hours in the UAE.
Moove garnered $30 million the previous year through its inaugural Sukuk issuance. These funds were earmarked for establishing an electric vehicle (EV) ride-hailing fleet in the MENA region.