Moove raises $76m in new funding to bolster business growth

By Delisha Fernandes

Moove, a mobility FinTech, has secured $76 million in new funding, consisting of $28 million in equity from new and existing investors.

The funding round was led by Mubadala Investment Company (Mubadala), $10 million venture debt from funds and accounts managed by BlackRock, and $38m in previously undisclosed funds raised during the prior twelve months.

The African-founded business will use the funding to continue its mission to build the largest tech-driven financial services platform for mobility entrepreneurs and strengthen its position on the global stage.

Ladi Delano, Co-founder and Co-CEO of Moove said, “We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets, including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide.’’

This investment is an endorsement of Moove’s ability to serve its customers and execute across multiple developing and developed markets. The funding signifies the start of a relationship that will also see Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, join the Moove advisory board.

Faris Sohail Al Mazrui, Head of Ventures & Growth, Mubadala, said, “Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.”

Moove aims to provide financial services to those unbanked or underserved by traditional lenders, so they can obtain revenue-based financing and access a path to asset ownership and financial stability.