African Mobility Fintech Moove Secures $1B Debt Deal, Eyes $300M Equity
African mobility fintech Moove has secured a significant debt financing deal and is on track to raise over $300 million in fresh equity. The company, founded in 2020, provides vehicle-financing solutions to drivers and has seen remarkable growth.
Moove's latest funding round, over $1 billion in debt, is supported by Alphabet Inc.'s Waymo for expansion into autonomous driving. This reflects broader trends in Africa's venture landscape, with African startups attracting capital despite global funding slowdowns.
Moove's growth has been impressive. Revenues surged from around $50 million in 2024 to nearly $400 million in annualized recurring revenue by September 2025. The company achieved break-even on an EBITDA basis last year. Despite the lack of specific details about investors and markets, Moove's success is undeniable.
Founded by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove enables drivers to acquire vehicles for ride-hailing, logistics, and delivery. Its proprietary credit-scoring model allows drivers to repay via a percentage of weekly earnings, even if they lack access to traditional credit.
If successful in raising over $300 million in equity at a valuation exceeding $2 billion, Moove will join Africa's most valuable startups. This would put it on par with established fintech giants, reflecting the growing potential of Africa's mobility and fintech sectors.
