Uber pledges support for Moove’s $100 million fundraising round at a valuation of $750 million.

Moove, Nigeria’s FinTech startup is currently in business discussions with Uber Technologies Inc., as the latter is set to support the former in a round of funding ranging up to $100 million, (as reported by close, anonymous associates). Previously, in August 2023, Moove closed a $76 million equity and debt round that featured Mubadala Investment Co. and BlackRock Inc. This move pushed the African startup value to about $550 million. This newest collaboration would further see a rise in the net worth of Moove from $650 million to $750 million; although talks are still ongoing, which may change the final amount between $75 to $100 million.

Founded in 2020 by British-born Nigerians – Ladi Delano and Jide Odunsi, (in Lagos, Nigeria) to assist potential drivers for ride-hailing services, logistics, and deliveries who were incapacitated in accessing vehicle financing, the Startup employs the use of the credit-scoring system for the drivers. Subsequently, a percentage of the drivers’ weekly income will further culminate in their vehicle purchase. Today, the Company has now spread across cities in Africa, the UK, India, and the UAE, with headquarters in Amsterdam, Netherlands. Uber and Moove are currently in close ties.

Africa remains the domain of ever-increasing use of technology, and as stakeholders in this growth, we at Double Feather Partners are keen on the enabling environment the Continent provides.

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