KEY POINTS

• Moove raising $300 million at $2 billion valuation.
• Startup operates across 20 markets, financing 36,000 drivers.
• Waymo partnership and Kovi deal drive U.S. and LatAm growth.

Moove, the vehicle-financing startup co-founded by British-Nigerian entrepreneur Ladi Delano, is seeking to raise more than $300 million at a valuation topping $2 billion, according to people familiar with the matter. The move would rank Moove among Africa’s most valuable startups, underscoring the growing global appetite for mobility financing.

The fundraising, first reported by Bloomberg, comes as Moove looks to accelerate its autonomous vehicle business. Details remain private, but the effort follows reports earlier this year that the company was close to finalizing a $1.2 billion debt raise to fund its Waymo partnership and expansion in the U.S.

Moove expands across 20 global markets

Since its founding in 2020 by Delano and Jide Odunsi, Moove has financed more than 36,000 mobility entrepreneurs across Africa, the Middle East, Europe, Asia, and Latin America. The company operates in 20 markets and has enabled more than 50 million completed trips.

Its model uses alternative credit scoring to help drivers gain financing for ride-hailing, logistics, and delivery vehicles. Drivers repay loans through a share of weekly income. In the UAE, Moove is piloting an all-electric fleet supported by its own charging stations, aligning with global sustainability targets.

Revenue has grown sharply. Under Delano’s leadership, annual recurring revenue has surged from $50 million in 2024, when Moove was valued at $750 million, to nearly $400 million, according to sources. The company also broke even on EBITDA in September 2024.

Waymo partnership fuels U.S. momentum

Moove deepened its U.S. footprint last year by teaming with Waymo, Alphabet’s self-driving technology unit. The startup now manages cleaning, charging, and storage for Waymo’s electric robotaxi fleet in Phoenix and Miami.

That partnership is central to Moove’s next phase of growth as the company looks to position itself at the forefront of financing and supporting autonomous fleets worldwide.

Latin American growth through Kovi deal

According to Billionaires Africa, In January, Moove acquired Brazil-based mobility platform Kovi, expanding its fleet and customer base in Brazil and Mexico. The deal also added Kovi’s driver analytics and software, enhancing Moove’s fleet management capabilities.

The acquisition cemented Moove’s presence in Latin America, where demand for affordable vehicle access and financing remains strong. Combined with its partnerships in the U.S., the company’s global reach is expanding rapidly.