Moove, an African mobility fintech startup, has raised $76 million in new funding, including $28 million in equity from new and existing investors led by Mubadala Investment Company (Mubadala), $10 million in venture debt from funds and accounts managed by BlackRock, and $38 million in previously undisclosed funds raised in the previous year.
According to the company, the financing will be utilized for achieving its aim of building the greatest tech-driven financial services platform for mobility entrepreneurs and to improve its position on the global scale. Moove was founded in 2020 in response to the lack of vehicle financing faced by over two million African mobility entrepreneurs.
This investment serves as a testament to Moove’s ability in serving its customers and execute across multiple developing and developed markets. The funding signifies the start of a relationship that will also see Mr. Faris Sohail Al Mazrui, head of Ventures and Growth at Mubadala, join the Moove advisory board.
“We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.”
Mr. Al Mazrui said that “Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.”
Moove has gone from strength to strength since its inception, experiencing 17x revenue growth following its Series A fundraise two years ago, and empowering over 12000 customers who have completed over 22 million trips in Moove-financed vehicles across 13 markets.
Sean Dunne, managing director, of BlackRock stated that “We believe Moove has the potential to play a vital part in the electrification of mobility. Moove is providing its customers access to finance and the chance to participate in the transformation of the mobility sector, by growing its global EV fleet. As countries continue to develop, moving away from private car ownership, and towards shared mobility solutions and ride-hailing, Moove can be at the forefront of that change.”