Nigerian-born fintech startup, Moove partners Alphabet’s Waymo, self-driving vehicle division, to manage fleets of autonomous vehicles in Phoenix, Arizona, and Miami, Florida.
The deal highlights Moove’s innovative revenue-based vehicle financing model and global expansion strategy.
The company has raised substantial funding to support its global expansion, including a $100 million Series B round led by Uber in March 2024.
Moove has expanded its operations to multiple continents, including recent entries into Mexico and India. The company’s growth underscores the potential of African startups to contribute to advanced global technologies.
Brief history
Founded in 2020, Moove provides revenue-based vehicle financing to mobility entrepreneurs, particularly those underserved by traditional financial institutions. By allowing drivers to pay for vehicles through their earnings, the company has empowered thousands of drivers to enter the gig economy. This innovative model has already facilitated Moove’s expansion into markets like Mexico, India, and now the United States.
Waymo is at the forefront of autonomous driving technology, and partnering with an African startup like Moove speaks volumes about the capabilities of African firms in addressing sophisticated logistical needs.
For Moove, the collaboration marks its entry into the autonomous vehicle sector. It leverages its expertise in fleet financing and management to support Waymo’s self-driving operations.
Moove’s trajectory reflects a broader trend of African fintech companies expanding worldwide influence.
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Series B funding round led by Uber
This partnership also demonstrates the increasing globalisation of African startups. With its $100 million Series B funding round led by Uber in 2024 and a previous $76 million raised in 2023 to build the largest tech-driven financial services platform for mobility entrepreneurs, Moove’s journey mirrors a broader trend of African fintechs gaining international recognition. These startups are solving local problems and creating solutions adaptable to global challenges.
By tackling vehicle ownership challenges in emerging markets, Moove has developed a model that resonates beyond Africa. Its success emphasizes the role of African innovation in shaping the future of global technology and logistics.
As Moove expands its reach, its partnership with Waymo sets a precedent for how African startups can influence industries far beyond their home continent. This milestone underscores the untapped potential within Africa’s tech ecosystem and its readiness to meet the demands of global markets.
Frequently Asked Questions
How does Moove work in Nigeria?
Moove provides car financing solutions for ride-hailing drivers under a ride-to-own scheme. Rather than requesting drivers to pay a portion of the vehicle’s cost like its competitors, drivers sign an agreement to remit a portion of their daily earnings to the company until they complete the payment for the vehicles.
How much is a Moove car in Nigeria?
Typically, a Suzuki S-Presso sells for 9.9 million naira ($21,500) in Nigeria. But drivers told Rest of World Moove sold them each car for up to 12 million naira ($26,042). Moove said customers pay a total of 10.2 million naira ($22,101)
Which company is Moove?
Moove is a mobility fintech that provides revenue-based vehicle financing to mobility entrepreneurs across Africa. We are Uber’s exclusive vehicle financing and vehicle supply partner in India.
What is a Moove?
Moove is a mobility fintech company on a mission to drive productivity and success for the world’s mobility entrepreneurs by democratising access to vehicle ownership for those with limited or no access to a vehicle or vehicle financing.
How does Moove Uber work?
Drivers pay a fixed amount every week to Moove over a specified period. At the end of the fixed period, the ownership of the vehicle is transferred to the driver.
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