• Friday, April 12, 2024
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BusinessDay

Uber eyes $100m investment in Moove

Moove moves to subsidise fuel costs for drivers

Uber is in talks to invest $100 million in Moove, an African vehicle financing startup, a Bloomberg report has disclosed.

According to the report, the funding round could total between $75 million and $100 million, and Moove’s value may jump from its current $650 million to about $750 million after the round. Although the numbers could change, the report noted, “The funding will aid ride-hailing drivers in their vehicle purchases.

“Africa, with its rapidly growing popularity, sees a surge in tech usage, especially among the youth, for services like banking and ride-hailing, despite infrastructure gaps.”

Bloomberg hinted that Moove, alongside Flutterwave and Interswitch, may have reached unicorn status.

Since its fundraising round in 2022, the firm reported that its financial services platform for mobility gig workers has reported 17x revenue growth and enabled more than 12,000 customers to complete more than 22 million trips across 13 markets.

“With this investment, we will now accelerate our mission and continue creating life-changing opportunities for our customers while working towards profitability,” Ladi Delano, co-founder and co-chief executive officer of Moove, said.