Moove raises $76M from Mubadala and BlackRock at $550M valuation
African mobility fintech pioneer Moove has secured $76 million in equity and debt funding from Mubadala and BlackRock at a $550 million valuation to expand its global vehicle financing operations.
Lagos, Nigeria — August 10, 2023 — Mobility fintech company Moove has raised $76 million in new funding to drive its vehicle financing footprint, combining equity and venture debt. The round was led by Mubadala Investment Company, with additional investment from BlackRock.
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove provides vehicle financing and financial services to ride-hailing and delivery drivers, allowing them to purchase vehicles over time through a portion of their weekly earnings. The company has rapidly scaled from Lagos to several international markets including South Africa, Kenya, Ghana, India, and the United Arab Emirates.
This round values Moove at $550 million, reflecting strong growth in credit scoring systems for gig-economy workers. By partnering directly with platforms like Uber, Moove ensures high repayment fidelity, demonstrating the potential of integrated asset financing.
Moove's vehicle finance model effectively addresses the micro-entrepreneur credit gap, but is highly dependent on partnerships like Uber. The backing from sovereign wealth and global asset managers like BlackRock shows that gig-economy lending can attract institutional capital. However, high inflation and energy costs present risks for gig worker profitability, meaning asset utilization must be optimized to sustain repayments.
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