FinTech Moove secures $100m Series B funding round

By Delisha Fernandes

Moove, a FinTech that democratises access to vehicle ownership for mobility entrepreneurs, has raised $100 million in a Series B funding round.

Mubadala Investment Company PJSC (Mubadala), an Abu Dhabi sovereign investor that led Moove’s previous funding round in 2023, participated in this round alongside new investment from Uber.

Ladi Delano, Founder of Moove, said, ”Today’s announcement marks a significant milestone for us. When we founded Moove in 2020, we were motivated by the acute shortage of vehicle financing that over two million African mobility entrepreneurs faced. This validation from Uber and others stands as a testament to the fact that what was once a dream is now a palpable reality. This infusion of capital is set to amplify the immensely positive impact our products have in the lives of our customers on a much broader spectrum. ”

The partnership between Moove and Mubadala further solidifies this commitment, as Mubadala’s continued support and investment in Moove exemplify the collaboration between local investors and innovative startups to drive growth and innovation in the UAE.

The round will enable Moove to expand its global mobility business and increase vehicle supply, enabling accelerated growth in multiple geographies around the world and increased EV adoption across multiple markets.

Moove will use the funds to extend its operations to 16 markets by the end of 2025. By doing so, Moove is not only expanding its vehicle fleet but is also laying the groundwork for a more sustainable and accessible mobility ecosystem for its customers worldwide.

Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, said, “We are proud to continue supporting Moove through our second round of funding, not only as a testament to our commitment to nurturing the startup ecosystem in the UAE but also as a reflection of our renewed trust in Moove’s vision and capabilities. This follow-on investment exemplifies Mubadala’s strategy of deploying capital to drive positive change in communities, in addition to fostering innovation and entrepreneurship across the UAE.”