Moove is back in the headlines, but this time, it’s not about its drivers protesting.
Moove, an African mobility financing startup, is chasing a $300 million equity funding round at a valuation above $2 billion. The Uber-backed fintech has built a business around financing vehicles for drivers who lack access to traditional credit. This new funding round would cement Moove’s place among Africa’s most valuable startups.
In January, Moove acquired Brazilian urban mobility provider Kovi for an undisclosed amount, months after entering a partnership with US commercial ride-hailing service Waymo. In 2024, the startup reported $50 million in revenue at a $750 million valuation. By September 2025, it had scaled to nearly $400 million in annualised recurring revenue and claims to have achieved profitability. In July, it was in talks to raise over $1 billion in debt funding to expand into autonomous driving through a partnership with Alphabet’s Waymo and fuel its rollout in the US. Beyond North America, Moove operates in four other continents, including South America, Africa, Europe, and Asia.
The chink in Moove’s armour. In Lagos, UberGo drivers using Moove-financed Suzuki S-presso cars recently staged protests after their weekly remittance doubled from ₦56,400 ($38) to ₦112,200 ($75). Drivers accuse Moove of imposing unfair costs, while Moove blames inflation and rising costs.
When you put the pieces together, you see a startup winning global investor confidence while struggling to balance unit economics and driver welfare at home. This equation will define Moove’s next chapter in the mobility sector. How will Moove’s unicorn ambition fare?
