Moove, the Lagos-based vehicle-financing startup backed by Uber, is reportedly seeking to raise over $300 million in a new funding round, aiming to surpass a $2 billion valuation. This move positions Moove among Africa’s most valuable startups as it expands its operations globally.
Founded in 2020 by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove provides revenue-based vehicle financing to drivers, enabling them to acquire vehicles for ride-hailing, logistics, and delivery services. The company operates in over 20 markets, including the UAE, Mexico, and India, and has financed more than 36,000 mobility entrepreneurs.
In July 2025, Moove secured over $1 billion in debt financing to support its expansion into autonomous vehicle operations in partnership with Alphabet’s Waymo and to scale its presence in the U.S.
The company’s revenue has experienced significant growth, increasing from approximately $50 million in 2024 to nearly $400 million in annualized recurring revenue. Additionally, Moove achieved EBITDA break-even in September 2024, demonstrating its financial maturity.
Moove’s strategic focus on autonomous vehicles and its expansion into international markets underscore its ambition to become a leading player in the global mobility financing sector.
