Moove plans $1.2 billion debt funding to finance US expansion

Moove, the Uber-backed African ride-hailing startup, is set to make waves in the global mobility sector with a monumental $1.2 billion debt financing round.

The funds will primarily support the rollout of an autonomous-driving fleet in partnership with Alphabet’s Waymo, marking a significant milestone for the company and the African tech ecosystem.

The capital will also bolster Moove’s ambitious expansion into the United States, cementing its position as a leader in innovative transportation solutions.

Founded in 2020 by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove has rapidly risen to prominence by addressing the unique challenges of mobility in emerging markets. The company’s tech-enabled platform provides vehicle financing and management solutions, allowing drivers access to cars through flexible payment plans.

Moove’s model has resonated strongly in Africa, where access to vehicle ownership is often a barrier for gig economy workers. The company has operations spanning Nigeria, South Africa, Kenya, and beyond, and has scaled its revenue to nearly $400 million in 2025, up from $275 million in 2024, according to sources familiar with the company’s financials.

The $1.2 billion debt round, one of the largest of its kind for an African startup, underscores Moove’s growing influence and the confidence investors have in its vision.

The financing will primarily support Moove’s partnership with Waymo, the autonomous vehicle division of Alphabet.

In December 2024, Moove and Waymo announced a collaboration to deploy electric robotaxis in key U.S. cities, including Phoenix and Miami. Moove’s role includes critical operational support, such as cleaning, charging, and maintaining Waymo’s fleet of driverless vehicles.

This partnership aligns with Moove’s expertise in fleet management and positions the company at the forefront of the autonomous mobility revolution. The debt financing will enable Moove to scale this autonomous fleet, integrating cutting-edge technology with its operational know-how.

Waymo’s robotaxis, powered by advanced AI and sensor systems, represent a leap toward safer and more efficient urban transportation.

Moove is not only facilitating Waymo’s expansion by managing the operational backbone of this fleet, but it is also showcasing Africa’s potential to contribute to global tech innovation.

The funds will also support its broader U.S. market entry, where it aims to replicate its African success by offering vehicle financing and ride-hailing solutions tailored to American drivers.

Its financial performance has been a key factor in securing this massive funding round. The company’s revenue growth reflects its ability to scale efficiently while meeting the demands of a rapidly evolving mobility sector.

In 2025 alone, Moove reportedly repaid approximately $100 million in loans, demonstrating its financial discipline and operational strength. This track record has attracted high-profile backers, including Uber, which invested in its $100 million Series B round in 2024, valuing the startup at $750 million.

Other investors, such as Mubadala and BlackRock, have also supported its growth, recognising its potential to disrupt traditional ride-hailing models. The implications of this financing extend beyond Moove and Waymo.

No doubt, its ability to attract $1.2 billion in debt reflects growing confidence in African innovation and the viability of tech-driven solutions in emerging markets. It also highlights the increasing convergence of African and global tech ecosystems, with Moove serving as a bridge between the two.

The company is exploring additional partnerships to integrate electric and autonomous vehicles into its platform, aligning with global trends toward sustainability and automation.

For Ladi Delano and Jide Odunsi, the journey is just beginning. “We’re building a future where mobility is accessible, sustainable, and empowering for everyone,” Delano said in a recent statement.

With $1.2 billion in fresh capital, the mobility startup is well-positioned to turn that vision into reality, driving the next wave of innovation in global transportation.