Nigerian mobility startup Moove is expanding into the U.S., aiming to boost profitability by 2025. The company focuses on electric vehicle financing and driver ownership.
Nigerian mobility startup Moove, known for financing vehicles for ride-hailing and logistics, is expanding its operations into the United States.
Co-founded by Ladi Delano and Jide Odunsi, the company aims to achieve profitability by 2025, with a focus on electric vehicle (EV) financing.
Since August 2024, Moove has been recruiting key roles in Los Angeles and California, including a managing director and a head of debt capital markets.
These positions are crucial for driving fundraising efforts and managing complex financial transactions. The company’s strategy reflects its desire to build a sustainable, greener future in the U.S. market.
Moove’s expansion comes after securing $100 million in investment earlier this year from backers like Uber, Future Africa, and The Latest Ventures. While Moove hasn’t disclosed all the countries it plans to enter, its expansion will likely focus on electric vehicle financing. Currently, the company operates in six markets: Nigeria, South Africa, Ghana, the U.K., India, and the UAE.
In the UAE, Moove’s fully electric fleet contributes significantly to the EV trips on the Uber platform. This model allows drivers to purchase vehicles through a pay-as-you-earn system, where weekly deductions are made from their earnings. This approach promotes financial inclusion by enabling drivers to eventually own their vehicles.
Challenges in Moove’s home market of Nigeria, such as rising inflation and fuel price hikes, have made it difficult for drivers to keep up with payments. However, the U.S. market presents a more stable economic environment, which could ease these hurdles.
Moove is focused on sustainability and financial inclusion, providing greener transport options and driver ownership opportunities through EV financing.
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