Moove, a Lagos, Nigeria-based mobility fintech company, secured $76m in new funding.
The funding consisted of:
- $28m in equity from new and existing investors, in a process led by Mubadala Investment Company (Mubadala), with Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, joining the Moove advisory board.
- $10m venture debt from funds and accounts managed by BlackRock, and
- $38m in previously undisclosed funds raised during the prior twelve months.
The company intends to use the funds to expand operations and its business reach.
Founded in 2020, Moove is an African-born, global mobility fintech that gives access to financial services for mobility entrepreneurs. It does this by embedding its alternative credit scoring technology onto ride-hailing, logistics, mass transit, and instant delivery platforms, using proprietary performance and revenue analytics to underwrite customers that have previously been excluded from financial services. Moove operates in 13 markets across Africa, the Middle East, Europe and Asia, and is Uber’s largest vehicle supply partner across EMEA.
FinSMEs
10/08/2023