INDUSTRY REVIEW: How Nigeria’s Moove is breaking new grounds in the global mobility industry

Moove, a mobility startup founded in Nigeria, has partnered with Waymo, a known player in autonomous driving technology, to launch operations in the United States.

Founded in 2020, Moove provides accessible vehicle financing fomoovrr mobility entrepreneurs using an innovative credit-scoring system.

The company integrates its technology into ride-hailing platforms, underwriting customers based on revenue and performance data.

To date, Moove has financed over 20,000 drivers, who have collectively completed more than 30 million trips in its vehicles.

Currently headquartered in the United Arab Emirates (UAE), Moove operates across nine markets spanning Africa, the Middle East, Europe, and Asia.

What you should know

Moove uses a dual approach to vehicle financing, offering:

• Revenue-Based Financing: Drivers can use their earnings as a credit score to secure financing for cars used in ride-hailing, logistics, and delivery services.
• Alternative Credit Scoring: Moove employs proprietary analytics to assess customers excluded from traditional financial systems.

How does it work?

The startup collaborates with ride-hailing platforms like Uber, enabling drivers to purchase vehicles through hire-purchase arrangements. Moove also provides comprehensive maintenance services, including regular inspections and milestone servicing, to ensure roadworthiness.

Which countries does Moove operate?

Moove is active in cities across Africa, the Middle East, Europe, and Asia, including:

• Africa: Lagos, Ibadan, Accra, Cape Town, and Johannesburg
• Middle East and Asia: Dubai, Hyderabad, Bangalore, and Mumbai
• Europe: London

Since expanding beyond Africa in 2021, Moove has integrated electric vehicles (EVs) into its strategy, operating significant EV fleets in the UAE and the UK. It also plans to roll out 20,000 EVs in India on Uber’s platform.

Who is funding Moove?

Moove has raised over $460 million to date.

1. 2024: Secured $100 million in a Series B funding round led by Uber, valuing the company at $750 million.
2. 2023: Raised $76 million, including equity, and venture debt.
3. 2022: Closed a $105 million Series A2 round to expand across Asia, Europe, and MENA.
4. 2021: Raised $21 million in its Series A.

The company relocated its headquarters to the UAE, supported by its partnership with Mubadala Investment Company. Uber’s investment in Moove marks its first in an African-founded startup.

The Waymo Partnership

Moove will support Waymo’s expansion into Miami by 2026 and take over fleet operations in Phoenix by 2025.

The partnership includes deploying Waymo’s autonomous vehicles within its Waymo One service.

Moove will handle vehicle operations, manage charging infrastructure, and optimize fleet availability to enhance the rider experience.

Commenting on the partnership, Moove co-CEO Ladi Delano said: “Ride-hailing has transformed urban mobility over the past 15 years, yet the core experience has remained largely unchanged. Waymo’s safe, reliable, and convenient service is leading the way in autonomous technology. Together, we are driving a major shift in urban mobility.”

Who are the founders of Moove

Ladi Delano and Jide Odunsi, British-born Nigerians, co-founded Moove.

Both are graduates of prestigious institutions, including the London School of Economics, Oxford University, and MIT.

Delano, a seasoned entrepreneur, was named one of Forbes’ 10 Young Africans to Watch.

Odunsi, a former Goldman Sachs banker and McKinsey consultant, co-founded venture studio Grace Lake Partners.

This partnership signals Moove’s ambitious plans to reshape global mobility while expanding its footprint in the US market.