Nigerian startup Moove which finances vehicles for ride-hailing has expanded to Mexico. The company projects it will become profitable in 2025.
The expansion to Mexico marks an important milestone for an African startup ecosystem that has, in recent years, faced a tough macroeconomic environment and fundraising challenges that have slowed growth.
As the focus moves to build for a global audience, Moove’s focus on high-growth markets, its replicable model and partnerships with major ride-hailing platforms like Uber have positioned it for growth and made it attractive to investors. Its drive towards sustainability with EVs also aligns with investors’ continued interest in socially responsible startups.
Moove in a LinkedIn announcement said: “We’re excited to share that Moove has officially hit the streets of Mexico. The first vehicles have been delivered to our drivers, marking a significant milestone in our LatAm expansion.”
“With our Mexico team now fully onboard and operations underway, we’re driving towards a future of mobility that empowers drivers to achieve their goals and gain financial independence,” it said.
The company, which operates in seven markets, including Nigeria, South Africa, Ghana, the UK, India, UAE, and the US, said in March 2024 that it plans to expand to more markets by 2025.
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