Nigerian mobility financing company, Moove, has distinguished itself by securing a spot among the top 10 financial technology (fintech) companies globally that raised the most funding in the first quarter of 2024. This significant achievement was highlighted in the Q1 2024 State of Fintech Report by CB Insights, a prominent tech startup analytics firm. While Moove's funding did not claim the top position globally, its impressive $100 million raise in March was substantial enough to contribute 1.4 percent of the total global fintech funding between January and March 2024. This placed Moove at a joint 8th position on the top fintech funding list, alongside other notable companies such as DataSnipper (Netherlands), FundGuard (USA), Watershed (USA), and HashKey (Hong Kong), all of which also secured $100 million each.

Moove's $100 million Series B funding round, which resonated profoundly across Africa and the global tech landscape, was led by its long-standing e-mobility partner, Uber. This investment marked Uber’s inaugural major venture into the African market, propelling Moove closer to unicorn status with a valuation of $750 million. According to Moove, the capital infusion is earmarked to fuel its ambitious expansion strategies, as the company prepares to enter new markets. Currently, Moove operates in 13 cities across six countries, including Nigeria, South Africa, Ghana, the U.K., India, and the UAE, with plans to extend its vehicle financing platform to 16 markets by the close of 2025.

The funding round also emerged as the largest tech startup funding event in Africa for the first quarter of 2024, accounting for a substantial 24 percent of the total $466 million raised by tech startups across the continent during the same period. In comparison, the next highest tech startup funding in Africa was secured by Kenyan transport and logistics startup Roam, which raised $24 million.

Globally, several other fintech companies also made headlines with significant funding rounds. The United Kingdom's Monzo led the global fintech funding for the quarter, raising $431 million in a Series I round in March. This round, led by Capital G and supported by Tencent and Google Ventures, contributed 5.1 percent to the total fintech funding and valued Monzo at $5.1 billion. Following Monzo, the USA's Flexport secured $260 million through convertible notes in January, provided by Shopify, contributing 3.6 percent to the quarter's total fintech funding.

Other major funding rounds included American fintech Bilt Rewards, which raised $200 million in a Series C round led by General Catalyst in January, achieving a $3.1 billion valuation and contributing 2.8 percent. Kore.ai, another American fintech, raised $150 million in a Series D round led by FTV Capital in January, adding 2.1 percent to the global quarterly total. The UK's Flagstone secured $139 million in a Private Equity round solely financed by Estancia Capital Partners in March, contributing 1.9 percent. Netherlands-based Mews raised $110 million in a Series D funding round in March, led by Kinnevik and Goldman Sachs Asset Management, placing its valuation at $1.2 billion and contributing 1.5 percent. Germany's Solaris also made the list with $104 million raised in a Series F round in March, led by the SBI Group, contributing 1.4 percent to the total global quarterly funding in the fintech sector.