African mobility fintech Moove is reportedly seeking to raise more than $300 million in equity funding at a valuation exceeding $2 billion, according to sources familiar with the matter. If successful, the round would position Moove among the most valuable startups in Africa, alongside fintech giants like Flutterwave and Interswitch.

Founded in 2020 by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove provides vehicle-financing solutions to drivers who often lack access to traditional credit. Using its proprietary credit-scoring model, the company enables drivers to acquire vehicles for ride-hailing, logistics, and delivery services, repaid via a percentage of their weekly earnings.

Expanding Into Global Markets

Moove has rapidly scaled beyond Africa, with operations now active in India, Mexico, and the UAE. Analysts believe surpassing the $2 billion valuation threshold could improve Moove’s standing with global investors and accelerate its entry into new regions.

In July, the startup launched a major debt financing round, partnering with Alphabet Inc.’s Waymo to expand into autonomous driving. Reports suggest Moove secured over $1 billion in debt financing to fund this initiative and support a push into the United States market.

Moove’s Financial Growth and Profitability

Moove’s growth trajectory highlights the rising appeal of Africa’s mobility and fintech sectors. Despite a global funding slowdown, African startups, particularly in Lagos, have attracted significant investment—startup funding in the city alone rose by 40% in the past year.

Financially, Moove has demonstrated impressive progress:

• Revenue Growth: From approximately $50 million in 2024 (valued at $750M) to nearly $400 million in annualized recurring revenue (ARR) by September 2025.
• Profitability: Achieved EBITDA break-even in 2024, strengthening its case with investors who are increasingly focused on profitability.

Previous Funding Milestones

Moove has consistently attracted global capital to fuel expansion:

• 2022: Secured a $20 million four-year structured credit from the UK’s British International Investment (BII).
• 2022: Raised £15 million in debt financing from Emso Asset Management to scale UK operations, with a goal of putting 10,000 electric vehicles (EVs) on the road by 2025.

What This Means for Africa’s Startup Ecosystem

If the latest funding round closes successfully, Moove will join the upper echelon of African startups by valuation, demonstrating the resilience of African innovation and the continent’s growing integration into the global tech ecosystem.

As Africa’s mobility, fintech, and logistics sectors continue to attract capital, Moove’s rise underscores the continent’s potential to build world-class, globally competitive technology companies.