Moove, a rapidly expanding mobility fintech company, has successfully secured an additional $105 million in a Series A2 funding round. This latest investment was spearheaded by existing investors, including Speedinvest, Left Lane Capital, and the latest ventures, and saw the participation of new backers such as AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital. The company, which was founded in Lagos in 2020, stated that the newly acquired funds would be allocated to accelerate the growth of its revenue-based vehicle financing model into seven additional markets across Asia, the MENA region, and Europe over the next six months. This significant announcement follows closely on the heels of its $23 million Series A round and a subsequent $10 million in debt financing, bringing Moove's total funding to $174.5 million in debt and equity.

Since its inception, Moove has broadened its operational footprint to six African cities: Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan. The company reports impressive operational achievements, with its customers having completed over 3 million rides, covering a cumulative distance exceeding 25 million kilometers. Ladi Delano, co-founder and co-CEO of Moove, emphasized the company's leading position within the evolving fintech category, highlighting its readiness and financial strength to tackle global mobility challenges. Jide Odunsi, also a co-founder and co-CEO, reiterated Moove's dedication to developing disruptive technological solutions for real-world problems. He further stressed the company's core ideals: empowering women, pioneering the electrification of the mobility sector, and fostering financial inclusion, all of which are central to building a sustainable and impact-driven global business.

Moove has publicly committed to ensuring that at least 50% of its customer base comprises women, designing its products to facilitate greater access to vehicle financing and flexible employment opportunities for women. However, the company has not yet detailed the specific methodologies it will employ to achieve this ambitious target, particularly in light of its ongoing partnership with ride-hailing giant Uber. This partnership, initiated in July 2020, aims to provide vehicles to drivers with structured payment plans over time. Concerns have been raised regarding Uber's history concerning women, which led to the implementation of sexual misconduct and assault training for new drivers in the US and Canada, where only 27% of drivers are women.

Moove's business model empowers individuals it terms “mobility entrepreneurs” to acquire brand-new vehicles by utilizing a percentage of their weekly revenue. Nonetheless, the specific percentage deducted from weekly earnings and the duration of these payments remain undisclosed. The model has faced criticism, with drivers expressing dissatisfaction over the substantial portion of earnings reportedly allocated to Uber. Last year, drivers also voiced complaints about the terms and conditions of Moove's financing deals, alleging that the company required