Moove, a mobility fintech startup, which launched in 2020 to tackle the lack of vehicle financing in Africa, has raised $76 million in new funding led by Mubadala Investment Company (Mubadala).
The company says it will use the funding "to continue its mission to build the largest tech-driven financial services platform for mobility entrepreneurs and strengthen its position on the global stage."
But most importantly, Moove wants to become profitable by the end of the year and plans to expand globally and launch multiple new products.
This round, which consists of equity and debt and comes from existing and new investors including BlackRock, brings its total funding to date to over $325 million including equity and debt funding, according to company data.
Moove operates in 13 markets across Africa, the Middle East, Europe and Asia, and is Uber's largest vehicle supply partner across EMEA. Its customers have completed more than 22 million trips in Moove-financed vehicles to date.