Abu Dhabi-based fintech Moove has raised US$76m, as it attempts to change the way that financial services are delivered for gig economy entrepreneurs.
The funding – led by Mubadala Investments and BlackRock – brings the total amount of funding raised by Moove to over US$335m since it was launched in 2020. The latest round includes US$38m in previously undisclosed funds raised during the last year.
Moove will use the money to build out its financial services platform for mobility entrepreneurs. The African-founded fintech is aiming to address the lack of vehicle financing faced by more than 2m of these entrepreneurs – an area of business finance that is on the rise, but often underserved by traditional companies.
Moove says its latest capital injection “serves as an endorsement of Moove’s ability to service its customers and executive across multiple developing and developed markets”.
The fintech startup has grown its revenue by a factor of 17 since announcing its Series A funding round two years ago, and has seen 22m trips taken in Moove-financed vehicles in 13 different markets. Moove is now Uber’s largest vehicle financing partner in EMEA and already operates the largest EV fleet by supply hours on the Uber platform in the UAE, despite launching only four months ago.
Funding allows Moove to ‘accelerate’ growth
The company’s co-founder and co-CEO, Ladi Delano, says: “We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, the UK and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.
“With this investment, we will now accelerate our mission and continue creating life-changing opportunities for our customers. It gives us great pride in seeing our customers build a better life for themselves and their families, and this funding will allow us to offer this chance to more entrepreneurs.”
Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, adds: “Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.”
Sean Dunne, Managing Director of BlackRock, adds: “We believe Moove has the potential to play a vital part in the electrification of mobility. Moove is providing its customers access to finance and the chance to participate in the transformation of the mobility sector, by growing its global EV fleet. As countries continue to develop, moving away from private car ownership, and towards shared mobility solutions and ride-hailing, Moove can be at the forefront of that change.”
