Nigeria’s Moove makes Top 10 global fintech funding in Q1 2024 with $100 million raise

Ejike Kanife
Moove’s $100 million raise turned out to be the largest raise by an African tech startup in the first quarter of 2024
Mobility fintech, Moove plans UAE expansion with its new $30 million investment fund

Nigerian mobility financing company, Moove has been named among the top 10 financial technology companies that raised the most funding in the first quarter of 2024. This was revealed in a report by tech startup analytics company, CB Insights in its Q1 2024 State of Fintech Report.

While the vehicle financing company didn’t come close to having the highest fintech fund raised globally for the quarter, its $100 million funding back in March was impressive enough to contribute 1.4 per cent of the total global fintech funding raised between January and March 2024. 

It also placed the company at joint 8th in the top fintech funding list along with Netherlands’ DataSnipper, USA’s FundGuard and Watershed, and Hong Kong’s HashKey which all raised $100 million apiece.

Moove’s $100m raise resonating across Africa and the globe

In March, Moove raised $100 million in a Series B funding round led by the company’s long-time e-mobility partner, Uber. The investment, which marked Uber’s first major investment into Africa, brings the vehicle financing closer to unicorn status with a $750 million valuation.

According to the vehicle financing company, the funding will be used to power its expansion plans as it gears up to launch into new markets. The company presently operates in 13 cities across six countries, including Nigeria, South Africa, Ghana, the U.K., India and the UAE. The company plans to use the new funding to expand its vehicle financing platform to 16 markets by the end of 2025.

121 African tech startups raised $466m in Q1 2024, led by Nigeria’s Moove

The funding round turned out to be the largest tech startup funding round in Africa in the first quarter of 2024 while also accounting for 24 per cent of a total $466 million raised by tech startups in the continent between January and March 2024. The next highest tech startup funding into Africa was Kenyan transport and logistic startup, Roam which raised $24 million.

Read here: 121 African tech startups raised $466m in Q1 2024, led by Nigeria’s Moove

At the top of the global fintech funding pile, United Kingdom’s Monzo led the global fintech funding for the quarter, raising $431 million in a Series I funding round in March. The round which was led by Capital G and supported by Tencent and Google Ventures meant the startup contributed 5.1 per cent to the total fintech funding in the quarter while giving the startup a $5.1 billion valuation.

The USA’s Flexport is next after raising $260 million in convertible notes back in January. The funding provided by Shopify means Flexport contributed 3.6 per cent to total fintech funding in the quarter. 

American fintech, Bilt Rewards raised $200 million in a Series C round back in January. The round which was led by General Catalyst put the startup’s valuation at $3.1 billion and a contribution of 2.8 per cent to the global total for the quarter.

Another American fintech, Kore.ai is next, raising $150 million in a Series D round in January led by FTV Capital. The funding means Kore contributed 2.1 per cent to the global quarterly total funding in the fintech sector.

Nigeria’s Moove makes Top 10 global fintech funding in Q1 2024 with $100m raise

The United Kingdom’s Flagstone raised $139 million in a Private Equity round financed wholly by Estancia Capital Partners in March. With that, Flagstone contributed 1.9 per cent to the total funding into the sector between January and March. 

Mews, a financial technology company operating out of the Netherlands contributed 1.5 per cent to global fintech funding in the quarter after raising $110 million in a Series D funding in March. The round, led by Kinnevik and Goldman Sachs Asset Management, put Mews’ valuation at $1.2 billion.

Germany’s Solaris is next up, having raised $104 million in a Series F round in March led by the SBI Group. Solaris contributed 1.4 per cent to the total global quarterly funding.


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