African vehicle-financing startup Moove is seeking to raise over $300 million at a valuation exceeding $2 billion, according to people familiar with the matter. If successful, the round would cement Moove’s place among Africa’s most valuable startups, alongside fintech giants Flutterwave and Interswitch. The Uber-backed firm reportedly plans to channel the fresh capital into scaling its autonomous vehicle ambitions, after opening a debt round in July to support a rollout in partnership with Alphabet’s Waymo.
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove has grown from its Nigerian base into more than a dozen global markets, including the UAE, Mexico, and India. The company leverages a proprietary credit-scoring system to help ride-hailing, logistics, and delivery drivers finance vehicles, repaying loans with a share of their weekly earnings. In 2024, Moove reported revenues of around $50 million at a $750 million valuation. By late 2024, its annualized recurring revenue had surged to nearly $400 million, and the firm achieved break-even on an EBITDA basis in September.
The company’s aggressive expansion underlines the continent’s growing tech opportunity, with Africa’s young, digitally savvy population increasingly embracing platforms that provide access to transport, banking, and entertainment services. Moove’s ability to attract large sums of capital — including more than $1 billion in debt financing last year — underscores investor confidence in its business model and its potential role in shaping the future of mobility across Africa and beyond.
