Grace Ashiru
Moove, the Nigerian startup backed by Uber that finances vehicles for ride-hailing companies, is expanding into the U.S. Since August, the company has posted job openings for positions in Los Angeles and California. This expansion aligns with Moove’s goal to become profitable by 2025.
The U.S. roles include a managing director and, more recently, a head of debt capital markets. According to a LinkedIn job listing, this individual will play a crucial role in driving Moove’s fundraising efforts, engaging with key financial stakeholders, and structuring complex financial transactions.
Founded by Ladi Delano and Jide Odunsi four years ago, Moove unveiled its expansion strategy in March 2024 when it announced a $100 million investment round. The round was led by Uber, Future Africa, Dubai-based The Latest Ventures, AfricInvest, Palm Drive Capital, and Triatlon Advisors.
While Moove did not disclose the specific countries for its expansion, the company stated it will focus primarily on financing electric vehicles in new markets. Currently, Moove operates in six markets—Nigeria, South Africa, Ghana, the U.K., India, and the UAE—and plans to expand to six more countries by 2025.
Moove has not yet responded to requests for comment.
The company’s U.S. expansion may mirror its 2023 entry into the UAE, where it operates a fully electric vehicle fleet, some of which accounted for the most EV trips on Uber’s UAE platform that year. Moove also runs electric fleets in the U.K. and is preparing to introduce over 20,000 EVs on Uber’s India platform, according to a March report.
If Uber’s partnership with Moove extends across borders, as suggested by Uber’s involvement in Moove’s $100 million funding round, Moove’s zero-emission mandate could see a smooth entry into the U.S., where electric vehicles are becoming increasingly popular.
Moove provides fleets of vehicles to drivers for ride-hailing, logistics, and delivery services. Drivers pay for the vehicles in installments, with a portion of their weekly income deducted by the company.
This model has encountered challenges in Nigeria, where rising inflation and fuel costs have made it harder for drivers to meet payment targets.
However, these issues are unlikely to affect Moove’s operations in the U.S., where the economy is relatively stable, and credit scoring systems are more reliable.
It remains to be seen if Move will adapt its business model for these new markets or if it will continue offering revenue-based financing to ride-hailing, logistics, mass transit, and instant delivery platforms as it does currently.
