Moove, the Nigerian-born mobility fintech startup backed by Uber, is on the cusp of achieving unicorn status, with plans to raise $300 million in a fresh funding round that could push its valuation past $1 billion. Founded in 2020 by British-Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove has swiftly scaled its operations by addressing a critical need for vehicle financing among ride-hailing drivers, primarily through a drive-to-own model.

To date, Moove has successfully raised $750 million in both debt and equity, with prominent investors including Uber, which holds more than a 10 percent stake, and Mubadala Investment Company. The company's impressive growth trajectory is evident in its financial performance; its annualized revenue has reportedly surged to $360 million, a substantial increase from $115 million just over a year ago, indicating a monthly revenue generation of approximately $30 million. This financial acceleration is largely attributed to its core business of extending loans to Uber drivers and its expanding fleet management operations, particularly in the U.S.

Moove’s strategic expansion efforts have been significant, now spanning 19 markets across Africa (including Nigeria, South Africa, and Kenya), the United Kingdom, India, the United Arab Emirates, the Middle East, Europe, Asia, and Latin America. This global footprint has enabled the company to close financing deals for over 30,000 mobility entrepreneurs, with Moove-financed vehicles logging more than 50 million trips. Beyond its primary financing model, Moove has also demonstrated a strong commitment to sustainability, notably by piloting fully integrated charging networks and a 100 percent electric-vehicle fleet in the UAE.

A key driver of Moove's recent success and future potential is its strategic partnership with Waymo, Alphabet’s self-driving vehicle division. This landmark tie-up marked Moove’s entry into the U.S. fleet-management arena, where it now manages and operates fleets of autonomous vehicles, handling critical tasks such as cleaning, charging, and storage of Waymo’s electric robotaxis in commercial operations in Phoenix, Arizona, and Miami, Florida. This collaboration positions Moove as an essential player in the evolving autonomous mobility ecosystem. Furthermore, Moove’s growth has been bolstered by strategic acquisitions, such as its January acquisition of Kovi, a Brazilian urban mobility provider focused on financing ride-hailing drivers, which significantly boosted Moove’s top-line revenue.

Looking ahead, Moove harbors ambitious plans to expand beyond its current fleet management responsibilities. The company is mapping out a strategy to directly purchase AV-enabled cars from manufacturers and lease mini-fleets of robotaxis to entrepreneurs and businesses. Under this vision, Moove would continue overseeing depot operations—charging, storage, and cleaning—while clients operate their autonomous services at scale. To meet anticipated demand, Moove plans to order at least 15,000 vehicles annually across its global network.

While the company stands poised to join Africa’s exclusive tech unicorn club alongside Flutterwave and Andela, it acknowledges the competitive landscape of the ride-hailing sector, facing rivals like Bolt and inDrive. Other potential challenges include regulatory hurdles, fluctuating fuel prices, and economic volatility in key markets. However, Moove’s data-driven approach, innovative revenue model leveraging ride-hailing data to optimize financing, and strong strategic partnerships provide a robust foundation for sustained growth and diversification of revenue streams into autonomous vehicle services. Moove's impact extends beyond economics, having created livelihoods and fostered financial inclusion in underserved communities, further aligning its mission with global sustainability goals through electric vehicle financing.