Africa-Press – Angola. African vehicle-financing startup Moove, is seeking new capital at a valuation exceeding $2 billion, potentially positioning it as one of the largest startups on the continent, according to sources familiar with the matter.
The Uber Technologies Inc.-backed company intends to raise more than $300 million in this funding round, said the sources, who requested anonymity as the details are still confidential. Moove plans to utilize the additional funds to expand its autonomous vehicle business, the sources added.
Moove is among several fast-growing fintech companies, including Flutterwave and Interswitch, that were founded in Nigeria, Africa’s most populous country. This highlights the growing potential for tech startups across the continent, where a large and increasing population of young people is turning to technology for services such as banking, ride-hailing, and entertainment.
In July, Moove also launched a debt round to help fund the deployment of an autonomous-driving fleet with Alphabet Inc.’s Waymo and to support its expansion in the US. The company was able to secure debt exceeding $1 billion, according to one of the sources.
Moove employs a credit-scoring system that allows drivers to access financing to purchase new vehicles for ride-hailing, logistics, and delivery services, with repayments made through a percentage of their weekly income. The startup was founded by Ladi Delano and Jide Odunsi in 2020, and it now operates in over a dozen markets, including the United Arab Emirates, Mexico, and India.
The vehicle-financing startup has grown its revenues from around $50 million in 2024, when it was valued at about $750 million, to nearly $400 million in annualized recurring revenue, according to the sources. It achieved breakeven in terms of earnings before interest, taxes, depreciation, and amortization in September 2024, they said.
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