Mubadala and Uber Invest in Global Mobility Fintech Firm

Moove, the global mobility fintech that democratises access to vehicle ownership for mobility entrepreneurs, on Tuesday said that it has raised $100 million in a Series B funding round, valuing the company at $750 million. Uber invested in the round alongside Mubadala, who led Moove’s previous funding round in 2023.

The round will enable Moove to expand its customer focused revenue-based vehicle financing offering to 16 markets around the world by the end of 2025. A considerable portion of this expansion will focus on electric vehicles (EVs), which will lay the groundwork for a more sustainable and accessible mobility ecosystem for its customers worldwide.

Ladi Delano, Founder of Moove, said that the announcement marked a significant milestone for the company and they were motivated to solve the acute shortage of vehicle financing that over two million African mobility entrepreneurs faced.

“This validation from Uber and others stands as a testament to the fact that what was once a dream is now a palpable reality. This infusion of capital is set to amplify the immensely positive impact Moove’s products have in the lives of its customers on a much broader spectrum,” Delano said.

Moove was founded in 2020 to connect mobility entrepreneurs with fair, accessible, and affordable revenue-based vehicle financing options. Now based in its new headquarters in the UAE, an emerging nexus for entrepreneurship and innovative start-ups, the evolving partnership between Moove and Mubadala stands as a prime example of how collaboration between local UAE investors and startups can catalyse growth and innovation both within the UAE and globally.

The UAE stands as a pivotal market for Moove, as it was the first market where Moove launched its fully integrated charging solution, investing in a network of charging stations exclusively for Moove customers.

Additionally, the UAE is Moove’s pioneer market for transitioning to a 100% EV fleet, leading to the company providing the largest number of EV trips on the Uber UAE platform in 2023. This strategic focus on sustainability and innovation underscores Moove’s commitment to shaping the future of mobility in the region and supporting the UAE’s vision for economic diversification and technological advancement.

To date, Moove has helped more than 20,000 mobility entrepreneurs across three continents, enabling more than 30 million Moove financed trips – resulting in an annual recurring revenue of over $115 million, a significant milestone on the path to profitability.

Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, said that the second round of funding is not only as a testament to Mubadala’s commitment to nurturing the start-up ecosystem in the UAE but also as a reflection of their renewed trust in Moove’s vision and capabilities.

“This follow-on investment exemplifies Mubadala’s strategy of deploying capital to drive positive change in communities, in addition to fostering innovation and entrepreneurship across the UAE,” Mheiri added.

According to Delano, this recent investment is a game-changer for Moove, enabling them to substantially broaden their offerings by introducing 45,000 new vehicles to their platform.

“This funding milestone not only expands our operational capacity but also supports our drive to profitability by the next financial year. We are committed to building Moove in a sustainable, customer focused and profitable way. Moove’s aim is to be at the forefront of the electrification of mobility, which we believe will help steer the world towards a zero-emission future,” Delano added.