Nigerian-founded mobility fintech Moove has officially launched operations in Mexico City, marking its entry into the Latin American market. The move is part of a broader expansion strategy for the company, which provides vehicle financing to drivers of ride-hailing platforms and delivery services. By establishing a presence in Mexico’s capital, Moove aims to empower local drivers with access to vehicle ownership and financial independence through its innovative revenue-based financing model.
Scaling the Model Beyond Africa
Moove, founded in 2020 by Ladi Delano and Jide Odunsi, initially focused on addressing the challenges of vehicle financing in African markets. The fintech has since expanded its operations across multiple regions, including Nigeria, South Africa, Ghana, the United Kingdom, India, and the UAE. The launch in Mexico City reflects Moove’s ambition to take its model global, entering a key Latin American market where the demand for ride-hailing and delivery services continues to grow rapidly.
The company’s platform offers drivers a unique financing solution that allows them to acquire vehicles without the need for traditional credit checks or large upfront payments. Instead, Moove’s financing is linked to a driver’s income, enabling them to gradually pay off the vehicle through earnings generated on ride-hailing or delivery apps. This approach has already proven successful in African and other emerging markets, where access to traditional financial services is often limited.
Backed by Significant Investment
Moove’s Latin American expansion comes after securing $100 million in Series B funding earlier this year. While the lead investor was not officially disclosed, sources familiar with the matter revealed that Uber spearheaded the round — marking the ride-hailing giant’s first direct investment in an African startup. Other investors in the round included Mubadala, the Abu Dhabi sovereign wealth fund, as well as a consortium of global venture capital firms.
The funding round valued Moove at $750 million, significantly up from its previous valuation of $550 million. The capital injection has enabled Moove to accelerate its expansion plans, with the fintech targeting operations in 16 global markets by the end of 2025.
Moove’s partnership with Uber has proven to be mutually beneficial. As Moove’s largest vehicle supply partner, Uber gains a reliable fleet of drivers in markets where demand for ride-hailing services is growing, while Moove leverages Uber’s platform to scale its financing solutions. Additionally, both companies are aligned in their efforts to reduce carbon emissions, with Moove expanding its fleet of electric vehicles (EVs) to support Uber’s goal of a zero-emission fleet by 2040.
The decision to enter Mexico City presents both challenges and opportunities for Moove. The city’s densely populated urban environment is one of the largest ride-hailing markets in Latin America, offering a significant pool of potential customers for the fintech’s services. However, the region also presents regulatory complexities and macroeconomic volatility, challenges Moove has encountered in other markets such as Nigeria.
Moove has demonstrated resilience in navigating such challenges, particularly by offering support programs like Moove Care, which assists drivers during economic downturns and high fuel prices. These initiatives have helped the company maintain high customer retention rates, with over 15,000 drivers completing more than 22 million trips before the latest funding round.
Poised for Further Growth
Moove’s innovative financing model, which relies on a proprietary credit-scoring system to assess drivers’ earnings potential, has been a key differentiator in its growth strategy. By focusing on markets where access to traditional financing is limited, the company has been able to scale rapidly, reaching 13 cities across six countries in just four years.
The launch in Mexico City is a crucial step in Moove ’s goal of expanding to 16 markets by 2025. The fintech’s ability to adapt its model to different economic and regulatory environments will be critical to its success in Latin America and beyond.
As Moove continues to evolve, its mission remains focused on enabling financial empowerment for drivers worldwide. With strategic backing from Uber and other investors, and a proven track record in emerging markets, the company is well-positioned to capture new opportunities in the global mobility landscape.