Newscenter Media News Moove, a Nigerian-born mobility fintech that provides revenue-based vehicle financing to gig drivers, is on track to become a unicorn with plans to raise an extra $300 million in equity capital.
The mobility fintech has tripled revenue in a year, reaching $360 million annually, and intends to raise $300 million in equity to boost its valuation above $1 billion.
With the money, Moove, which now has operations in Africa, Latin America, the Middle East, and Asia, intends to strengthen its operations and broaden its global fleet alliances.
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With an emphasis on growing its electric vehicle (EV) fleet offerings and breaking into new markets, such as the U.S., where it oversees EV fleets for Waymo’s autonomous ride-hailing service, this most recent funding round will specifically support Moove’s strategic expansion.
Co-founders Jide Odunsi and Ladi Delano founded Moove in 2020, and it introduced a novel revenue-based car financing scheme that allowed gig drivers to purchase cars without having to pay cash up front.
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