back Back

FinTech Moove secures $100m Series B funding round

By Delisha Fernandes

March 21, 2024

  • EV adoption
  • fintech MENA
  • Fintech news
Share

Moove, Mobility Fintech

Moove, a FinTech that democratises access to vehicle ownership for mobility entrepreneurs, has raised $100 million in a Series B funding round.

Mubadala Investment Company PJSC (Mubadala), an Abu Dhabi sovereign investor that led Moove’s previous funding round in 2023, participated in this round alongside new investment from Uber.

Ladi Delano, Founder of Moove, said, ”Today’s announcement marks a significant milestone for us. When we founded Moove in 2020, we were motivated by the acute shortage of vehicle financing that over two million African mobility entrepreneurs faced. This validation from Uber and others stands as a testament to the fact that what was once a dream is now a palpable reality. This infusion of capital is set to amplify the immensely positive impact our products have in the lives of our customers on a much broader spectrum. ”

The partnership between Moove and Mubadala further solidifies this commitment, as Mubadala’s continued support and investment in Moove exemplify the collaboration between local investors and innovative startups to drive growth and innovation in the UAE.

The round will enable Moove to expand its global mobility business and increase vehicle supply, enabling accelerated growth in multiple geographies around the world and increased EV adoption across multiple markets.

Moove will use the funds to extend its operations to 16 markets by the end of 2025. By doing so, Moove is not only expanding its vehicle fleet but is also laying the groundwork for a more sustainable and accessible mobility ecosystem for its customers worldwide.

Ali Eid Al Mheiri, Executive Director of UAE Diversified Assets at Mubadala’s UAE Investments Platform, said, “We are proud to continue supporting Moove through our second round of funding, not only as a testament to our commitment to nurturing the startup ecosystem in the UAE but also as a reflection of our renewed trust in Moove’s vision and capabilities. This follow-on investment exemplifies Mubadala’s strategy of deploying capital to drive positive change in communities, in addition to fostering innovation and entrepreneurship across the UAE.”

Previous Article

March 21, 2024

InsureMO selects Newgen’s AI-led underwriting solutions

Read More
Next Article

March 21, 2024

Network International taps Mastercard’s AI-led solution to combat fraud

Read More








IBSi Daily News Analysis

Generative AI

April 12, 2024

EV adoption

Security experts sound the alarm on Deepfake threats in the age of AI

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 15, 2024

5 FinTechs offering Mutual Fund-Backed Loans in India

Read More

April 15, 2024

9Basil Group announces acquisition of AlteriQ

Read More

April 15, 2024

Satago partners with mmob to simplify its SME embedded finance offering

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023