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Key Points
- Moove is nearing a $1.2 billion debt deal to fund U.S. expansion and autonomous vehicle rollout with Waymo.
- The company fully repaid its initial debt facilities, signaling financial strength and lender confidence.
- Acquisition of Brazil’s Kovi boosted Moove’s reach in Latin America with fleet assets and driver analytics tools.
Moove, the mobility fintech company co-founded by British-Nigerian entrepreneur Ladi Delano, is close to finalizing a $1.2 billion debt raise, according to people familiar with the matter. The funds will support its rollout of autonomous vehicles in partnership with Waymo and boost its operations in the United States.
Moove clears debt, expands in Latin America
Responding to the reported fundraising, Delano said: “While we can’t share details of any ongoing talks, Moove has built strong relationships with some of the world’s top lenders. We’ve also fully repaid our first-ever debt facilities, a key milestone that shows the strength of our model and our readiness to scale further into autonomous vehicle infrastructure.”
The fresh funding follows a series of strategic moves by Moove to grow its global footprint. In January, it acquired Brazil-based mobility platform Kovi, expanding its presence in Latin America. The deal added Kovi’s fleet in Brazil and Mexico to Moove’s operations, along with proprietary software and driver analytics technology that will strengthen Moove’s platform.
Partnership with Waymo boosts U.S. entry
Since launching in 2020, Moove has provided financing to over 36,000 mobility entrepreneurs in 19 markets, including countries across Africa, the Middle East, Europe, Asia, and Latin America. Its vehicles have completed more than 50 million trips. In the UAE, Moove is piloting a 100 percent electric vehicle fleet supported by its own charging network, a step aligned with the company’s sustainability goals.
Moove made its entry into the U.S. market last year through a partnership with Waymo, the self-driving technology unit of Google parent Alphabet. The company manages cleaning, charging, and storage for Waymo’s electric robotaxi fleet in Phoenix and Miami, as Waymo scales up commercial operations. Delano said the collaboration reflects Moove’s focus on combining advanced mobility technology with its core lending and fleet services.
Moove eyes unicorn status
Moove is now working on a plan to buy autonomous vehicles directly from manufacturers and lease them to former ride-hailing drivers and small businesses. The move is part of its broader push to expand access to vehicle ownership and support gig workers as the industry shifts toward automation.
Earlier this year, the company hinted at plans to raise additional funding, one that could lift its valuation above $1 billion. That would mark a significant step up from its last raise in 2024, when it secured $100 million at a $750 million valuation, with backing from Uber and Mubadala Investment Company.
