Uber Technologies Inc. is currently in discussions to support African vehicle-financing startup Moove in a potential funding round reaching up to $100 million, according to a report by Bloomberg.
Established in 2020 by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove is a global mobility fintech born in Africa. It specializes in providing revenue-based vehicle financing and financial services to entrepreneurs in the mobility sector, covering ride-hailing, logistics, mass transit, and instant delivery platforms.
Uber, the renowned U.S. ride-hailing company, is set to become one of the investors in this fundraising effort, contributing to an increase in Moove’s enterprise value from approximately $650 million to around $750 million.
The sources, who wished to remain anonymous as the discussions are ongoing, revealed that the funding round has not yet concluded, and the final amount could still fluctuate within the range of $75 million to $100 million.
