African mobility fintech Moove is seeking to raise over $300 million in fresh equity at a valuation exceeding $2 billion, positioning it among Africa’s most valuable startups, according to people familiar with the matter.
The Uber-backed company, founded in 2020 by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, has grown rapidly by providing vehicle-financing solutions to drivers who would otherwise lack access to credit.
Through its proprietary credit-scoring model, Moove enables drivers to acquire vehicles for ride-hailing, logistics, and delivery, repaid via a percentage of weekly earnings, according to Bloomberg, which first reported this.
Moove’s funding ambitions show growing investor appetite for Africa’s fast-expanding technology sector.
Nigeria, Africa’s most populous nation, has birthed several fintech unicorns, including Flutterwave and Interswitch, as young, tech-savvy consumers increasingly rely on digital services for transport, payments, and entertainment.
If successful, the new round will catapult Moove into the upper echelon of African startups by valuation, rivaling established fintech giants. Analysts note that surpassing the $2 billion threshold could improve Moove’s positioning with global investors while reinforcing its credibility in new markets such as India, Mexico, and the UAE, where it has already established operations.
Moove’s trajectory reflects broader trends in Africa’s venture landscape. Despite global funding slowdowns, African startups continue to attract capital, particularly in sectors like fintech, mobility, and logistics. Lagos alone has seen startup funding increase by over 40% in the past year, defying global headwinds.
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The startup has also made aggressive international moves. In July, it launched a debt round to fund expansion into autonomous driving in collaboration with Alphabet Inc.’s Waymo.
Reports indicate that Moove secured debt financing of more than $1 billion to support this rollout and fuel its push into the United States.
Officials in Moove have not made any comment on the funding discussions. However, reports state that the proposed raise, if closed, will mark another inflection point in Africa’s startup story, demonstrating both the resilience of local innovation and the continent’s growing integration into global tech ecosystems.
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An earlier report by Nairametrics in 2022 showed that Moove secured a $20 million four-year structured credit from the British International Investment (BII), the UK government’s development finance institution.
That same year, the company raised £15 million in debt financing from Emso Asset Management. In a statement announcing the fundraising, the company said the financing facility would enable it to scale up its UK operations to have 10,000 electric vehicles (EVs) on the roads by 2025.
The company’s financial trajectory has been equally striking. Moove grew its revenues from about $50 million in 2024, when it was valued near $750 million, to nearly $400 million in annualized recurring revenue by September 2025. The company also achieved break-even on an EBITDA basis last year, a milestone that strengthens its investment appeal in a funding environment where profitability is increasingly scrutinized.
