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Moove, the vehicle-financing startup co-founded and led by British-Nigerian entrepreneur Ladi Delano, is aiming to raise more than $300 million in fresh capital at a valuation exceeding $2 billion. The move could position Moove among Africa’s largest startups as it looks to grow in high-demand markets worldwide.
Bloomberg reported, citing people familiar with the matter, that the startup plans to use the funds to expand its autonomous vehicle business. It has kept details of the fundraising private. Earlier this year, Moove was reported to be close to finalizing a $1.2 billion debt raise to support its autonomous vehicle rollout in partnership with Waymo and expand its U.S. operations.
Moove expands across 20 markets
Moove is one of several rapidly growing fintechs founded in Nigeria, Africa’s most populous country, alongside companies such as Flutterwave and Interswitch. Since launching in 2020 with co-founder Jide Odunsi, Moove has financed more than 36,000 mobility entrepreneurs in 20 markets across Africa, the Middle East, Europe, Asia, and Latin America. Its vehicles have completed over 50 million trips.
The startup uses a credit-scoring system to help drivers access financing for ride-hailing, logistics and delivery vehicles. Repayments are made through a percentage of weekly income. In the UAE Moove is piloting a fully electric vehicle fleet supported by its own charging network, a step aligned with its sustainability goals.
Under Ladi Delano, revenue has climbed sharply, from around $50 million in 2024, when the company was valued at $750 million, to nearly $400 million in annualized recurring revenue, according to sources familiar with the company. Moove also reached break-even on earnings before interest, taxes, depreciation, and amortization in September 2024.
Waymo deal drives Moove growth; Kovi adds reach
Moove entered the U.S. market last year through a partnership with Waymo, the self-driving technology unit of Google’s parent company, Alphabet. The company now manages cleaning, charging, and storage for Waymo’s electric robotaxi fleet in Phoenix and Miami.
In January, Moove acquired Brazil-based mobility platform Kovi, expanding operations in Latin America. The deal added Kovi’s fleet in Brazil and Mexico and brought software and driver analytics technology to support Moove’s fleet management and driver support.
