US ride-hailing company, Uber Technologies Inc., is in talks to invest in Moove, an African vehicle-financing startup, in a potential $100 million fundraising round.
According to Bloomberg, the company will join a group of investors in the cash raise, increasing Moove’s enterprise value to roughly $750 million from about $650 million. According to them, the final amount, which could vary from roughly $75 million to $100 million, is still subject to change as the investment round is not yet over.
Moove, according to its website, gives access to mobility entrepreneurs by integrating its alternative credit-scoring technology into platforms that cater to the ride-hailing, logistics, mass transit, and instant delivery sectors.
In 2020, Nigerian-born Ladi Delano and Jide Odunsi, founded Moove in Lagos to assist prospective drivers for ride-hailing services who were unable to obtain funding for their vehicles. The company, which has its current headquarters in Amsterdam, has expanded across Africa, the UK, the UAE, and India.
In August of last year, Moove also closed a $76 million equity and debt round that included Mubadala Investments Co. and BlackRock Inc.
