African mobility fintech Moove, which helps ride-hailing and delivery drivers get vehicles, just got a $100 million boost for expanding into new areas.
Uber led the funding round, marking its first investment in Africa. Other investors include Mubadala and various groups, increasing Moove’s value to $750 million.
Moove’s focus is on providing affordable vehicles to drivers through financing. With operations in six countries and plans to expand to 16 by 2025, it offers financing options for both traditional and electric vehicles.
Uber’s investment signals its interest in securing a steady stream of drivers for its platform. It’s also in line with Uber’s goal of having a fully electric fleet by 2040.
Moove, too, is keen on electric vehicles, especially since its expansion beyond Africa in 2021. While Moove plans to introduce thousands of electric vehicles on Uber, it emphasises a sustainable approach to mobility worldwide.
Moove’s expansion will heavily focus on electric vehicles, though there may be delays for African customers.
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