Grace Ashiru
A month after its US debut, Moove, the Nigerian startup backed by Uber that finances vehicles for ride-hailing, has now expanded to Mexico. The company anticipates reaching profitability by 2025.
This expansion into Mexico is a key achievement for the African startup ecosystem, which has encountered macroeconomic challenges and difficulties in fundraising, slowing its growth in recent years.
As Moove pivots towards a global audience, its focus on high-growth markets, scalable business model, and strategic partnerships with major ride-hailing platforms like Uber have positioned the company for growth and attracted investor interest. Furthermore, its push toward sustainability through electric vehicles (EVs) aligns with investors’ increasing focus on socially responsible ventures.
“We’re excited to announce that Moove has officially hit the streets of Mexico. Our first vehicles have been delivered to drivers, marking a significant milestone in our expansion across Latin America,” Moove shared in a LinkedIn post.
The company also highlighted its efforts to meet the rising demand for ride-hailing services in the region, with a dedicated team in place.
“With our Mexico team now fully operational, we are driving toward a future of mobility that empowers drivers to reach their goals and achieve financial independence,” Moove added.
Moove, which operates in seven markets—including Nigeria, South Africa, Ghana, the UK, India, the UAE, and the US—announced in March 2024 its plans to expand further by 2025.
Founded in 2020 by Ladi Delano and Jide Odunsi, the fintech provides vehicles to ride-hailing drivers, with payments deducted weekly from drivers’ earnings.
Since 2023, Moove has shifted to an all-EV fleet in the UAE and also operates EVs in the UK, with plans to introduce more than 20,000 EVs in its Indian market.
