One month after launching in the US, Nigerian startup Moove, which provides vehicle financing for ride-hailing drivers, has announced its expansion into Mexico.
The company projects it will achieve profitability by 2025.
This move marks a significant milestone for the African startup ecosystem, which has faced a challenging macroeconomic environment and fundraising hurdles that have hindered growth in recent years.
Moove’s focus on high-growth markets, its adaptable business model, and partnerships with major ride-hailing platforms like Uber position it for continued expansion and make it appealing to investors.
Additionally, the company’s commitment to sustainability through electric vehicles aligns with the increasing interest in socially responsible ventures.
“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 Latin American expansion,” the company announced on LinkedIn.
Moove has established a dedicated team in Mexico to capitalize on the rising demand for ride-hailing services in the region. “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,” the company stated.
Currently operating in seven markets, including Nigeria, South Africa, Ghana, the UK, India, the UAE, and the US, Moove plans to continue its expansion, aiming to enter additional markets by 2025.
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove sells vehicles to ride-hailing drivers, with payments deducted weekly from their earnings.
Since 2023, the company has transitioned to a fully electric fleet in the UAE and is introducing EVs in the UK, with plans to add over 20,000 electric vehicles to its Indian operations.
