Moove, a vehicle-financing startup co-founded and led by British-Nigerian entrepreneur Ladi Delano, is seeking over $300 million in new funding at a valuation surpassing $2 billion, potentially ranking it among Africa’s top startups. The capital will fuel expansion in high-demand global markets, with a focus on its autonomous vehicle business, according to Bloomberg sources familiar with the matter. Details of the fundraising remain confidential. Earlier this year, Moove neared a $1.2 billion debt raise to support its autonomous vehicle rollout with Waymo and bolster its U.S. operations.
Moove Scales Across 20 Markets
Founded in 2020 with co-founder Jide Odunsi, Moove is a leading Nigerian fintech alongside Flutterwave and Interswitch. It has financed over 36,000 mobility entrepreneurs across 20 markets in Africa, the Middle East, Europe, Asia, and Latin America, powering more than 50 million trips. Moove’s credit-scoring system enables drivers to access financing for ride-hailing, logistics, and delivery vehicles, with repayments tied to a percentage of weekly earnings. In the UAE, the company is piloting a fully electric vehicle fleet with its own charging network, advancing its sustainability goals.
Under Delano’s leadership, Moove’s annualized recurring revenue has surged from $50 million in 2024, when it was valued at $750 million, to nearly $400 million. The company achieved break-even on EBITDA in September 2024, per sources familiar with its performance.
Waymo Partnership and Kovi Acquisition Fuel Growth
Moove entered the U.S. market in 2024 via a partnership with Waymo, Alphabet’s self-driving technology unit, managing cleaning, charging, and storage for Waymo’s electric robotaxi fleet in Phoenix and Miami. In January, Moove acquired Brazil-based mobility platform Kovi, expanding its Latin American presence with Kovi’s fleets in Brazil and Mexico and integrating its software and driver analytics to enhance fleet management and driver support.
