Moove is an African mobility fintech that provides vehicle financing to drivers of ridesharing platforms like Uber and other gig networks. It raised $105m in new Series A2 funding. Existing investors Speedinvest, Left Lane Capital and thelatest.ventures (the first two are its Series A lead investors) led this round.
The deal is split between $65 million in equity and $40 million in debt. New investors such as AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital participated. The announcement comes nearly seven months after Moove closed its $23 million Series A round and one month after the mobility fintech closed a $10 million debt financing.
The startup, launched in 2020, is now present in six African cities: Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan. While the new A2 series will provide Moove with the scale firepower of its current markets, it will also help the company enter new markets outside of Africa.