Nigeria-founded mobility fintech eyes major US rollout amid strong lender interest
African mobility fintech startup Moove is reportedly finalizing a $1.2 billion debt financing round to support the deployment of an autonomous vehicle fleet in the United States, in partnership with Alphabet Inc.’s self-driving unit, Waymo.
According to Bloomberg, which cited sources familiar with the matter, the round is oversubscribed, drawing significant participation from private credit firms and banks. Final terms of the deal are expected to be concluded in the coming weeks.
If completed, the transaction would mark one of the largest debt raises by an African-founded tech startup and underscore Moove’s growing ambition to establish itself as a global player in the emerging autonomous mobility space.
Moove’s Strategic Pivot to Autonomous Vehicles
Founded in 2020 by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove originally built its business by providing vehicle financing solutions to ride-hailing drivers in Africa’s largest cities.
Over the past few years, the company has rapidly scaled beyond its home continent, now operating in over a dozen countries, including Mexico, India, and the United Arab Emirates. It reportedly manages a fleet of 38,000 vehicles.
Moove’s expansion into the United States market is being driven by its December 2024 partnership with Waymo. Under the deal, Moove is expected to provide financing and fleet management for self-driving vehicles in Waymo’s network. Sources say the new funding will support Moove’s plans to own and manage its own fleet of autonomous vehicles in the US as it moves into this next growth phase.
Company Responds to Funding Report
While declining to comment on the specifics of the reported financing round, co-founder Ladi Delano highlighted Moove’s strong financial discipline and track record in an emailed statement.
“Moove has built strong relationships with some of the world’s leading lenders,” Delano said. “We have also fully repaid our first-ever debt facilities, which signals our maturity and marks a key milestone that demonstrates the strength of our platform as we enter the next phase of global autonomous-vehicle infrastructure deployment.”
Waymo, for its part, has not issued any official comment on the reported financing.
Financial Performance and Growth Trajectory
Moove’s move into autonomous vehicle financing comes on the back of impressive revenue growth. According to sources, the company’s revenue is projected to reach nearly $400 million in 2025, up from $275 million in 2024.
This robust performance has also enabled Moove to repay approximately $100 million in previous loans, strengthening its credit profile at a time when many startups face challenges accessing capital.
Despite the global “funding winter” for tech companies, Moove emerged as Africa’s top startup fundraiser in 2024, raising $110 million, including a $100 million Series B led by Uber Technologies Inc. That round reportedly pushed Moove’s valuation close to $750 million as it edged toward unicorn status.
Significance of the Planned Deal
If completed as reported, the $1.2 billion debt round would be a milestone not only for Moove but also for Africa’s broader tech ecosystem. It would represent a rare example of an African-founded startup tapping into global debt markets at scale to finance advanced technology infrastructure—specifically, the rollout of autonomous vehicle fleets in one of the world’s most competitive markets.
Beyond the financing itself, the deal signals growing investor confidence in Moove’s model of vehicle-as-a-service financing and fleet management, even as it takes the bold step of supporting self-driving car deployments.
Analysts say the partnership with Waymo could also boost Moove’s credibility and brand recognition as it seeks to become a major player in the evolving mobility landscape.