African mobility fintech Moove is seeking to raise more than $300 million in new equity funding, a move that could lift its valuation above $2 billion and secure its place among the continent’s most valuable startups.
According to Bloomberg, which first reported the development, the fundraising efforts are already underway, with discussions involving global investors. Sources familiar with the matter note that the company is positioning itself to expand its operations and strengthen its financial capacity.
Founded in 2020 by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove has grown rapidly as a key player in Africa’s mobility and fintech space. The Uber-backed startup provides vehicle-financing solutions for ride-hailing, logistics, and delivery drivers, particularly those excluded from traditional credit systems.
Moove leverages a proprietary credit-scoring model that allows drivers to access vehicles, which they repay through a fixed share of their weekly earnings. This model has enabled thousands of drivers across Africa and other emerging markets to participate in the digital transport economy.
The company’s planned fundraising comes amid increased global investor interest in African startups, particularly those addressing structural gaps in financial inclusion and mobility. If successful, Moove’s valuation would surpass several established tech ventures on the continent, further cementing its reputation as one of Africa’s fastest-growing fintech disruptors.
