Mubadala Investment Company made a follow-on investment in African mobility fintech Moove’s USD 100 mn series B funding round, along with Uber, according to a press release. Mubadala led Moove’s previous USD 76 mn equity and debt funding round last year. The new funding round values the company at USD 750 mn.

Where the money is going: The funds will allow Moove to expand its global mobility business, increasing its vehicle fleet and EV adoption across several markets, with a goal of expanding its footprint to 16 markets by the end of 2025.

The UAE was the first market in which Moove launched its integrated charging solution as well as a network of charging stations exclusively for Moove customers. It was also the first market in which Moove transitioned to a fully electric fleet, resulting in the company providing the most EV trips on Uber in 2023.

About Moove: Moove is a global mobility fintech that aims to make financial services available to mobility entrepreneurs worldwide by integrating its credit scoring technology into ride-hailing platforms. Operating in nine markets, Moove has facilitated over 30 mn trips with vehicles it has financed.

Tags: