Uber to Invest $100 Million in Moove: Boosting Vehicle Financing Platform

Uber, the popular American ride-hailing company, is getting ready to support Moove, a Nigerian platform that helps people finance vehicles. 

They’re planning to pitch in a whopping $100 million, according to reports from Bloomberg.

This big investment could boost Moove’s value from $650 million to $750 million. But the exact amount might change, possibly falling between $75 million to $100 million.

Although Uber and Moove haven’t officially spoken about this funding yet, there’s a good chance it will happen. These two have teamed up before, back in 2020, to offer Uber drivers flexible ways to own vehicles.

Moove has been quite successful in raising money. If this $100 million deal goes through, it would bring their total funding since they started to $335 million. 

Just a few weeks ago, they got $10 million from Stride Ventures to expand their business in India, where they’re already operating in three cities: Mumbai, Hyderabad, and Bengaluru.

What’s interesting is that Uber is also working with Moove in India, providing electric cars to Uber drivers there.

While Uber’s interest in investing in Moove shows how much Moove has grown, it’s worth noting that Moove has had its share of challenges. 

Despite raising $140 million previously, they had to let go of some employees. Also, there have been protests from drivers, raising concerns about Moove’s vehicle-financing model.