The Nigeria-based mobility fintech Moove announced it secured $76 million in equity and debt; the process was led by UAE sovereign investor Mubadala Investment Company.
The fintech company mainly offers vehicle financing to drivers of ride-hailing companies including Uber.
Moove said the funding consists of $28 million in equity from new and existing investors; $10 million in venture debt from funds and accounts managed by BlackRock, and $38 million in previously undisclosed funds raised during the prior 12 months, according to a statement.
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 profitability within the next 12 months.”
The company will invest the funding in expansion globally. Launched in 2020, it operates in 13 markets across Africa, the Middle East, Europe, and Asia, and is Uber’s largest vehicle supply partner across EMEA.
In addition, it is the second largest vehicle partner in India and operates the largest EV fleet by supply hours in UAE, the statement added.
Moove raised last year $30 million from a debut sukuk issuance to fund the establishment of an EV ride-hailing fleet in the MENA region.
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