Moove Eyes the US, Aiming to Revolutionize Electric Vehicle Financing

Moove, the leading fintech startup specializing in vehicle financing for ride-hailing services, has announced its ambitious expansion into the United States. Backed by a significant funding round and a successful track record in other markets, Moove is poised to disrupt the U.S. electric vehicle (EV) financing landscape.

Moove’s decision to enter the U.S. market is driven by its goal of reaching profitability by 2025. The company has been actively recruiting for various positions in Los Angeles and California, signaling its commitment to establishing a strong presence in the country.

Moove’s Financial Backing

Moove’s expansion is fueled by a substantial $100 million funding round secured in March 2024. The consortium of investors includes Uber, Future Africa, The Latest Ventures based in Dubai, AfricInvest, Palm Drive Capital, and Triatlum Advisors. This financial backing provides Moove with the resources needed to scale its operations and invest in technology.

As part of its expansion, Moove plans to focus on financing electric vehicles. The company has already successfully introduced a fully electric vehicle fleet in the UAE, contributing to the highest number of EV trips on the Uber UAE platform. Moove also manages EV fleets in the U.K. and has ambitious plans to roll out over 20,000 EVs on Uber in India.

Moove’s unique business model involves selling vehicle fleets to drivers for ride-hailing, logistics, and delivery services. Drivers then repay the cost of the vehicle in installments based on a percentage of their weekly earnings. This innovative approach has proven successful in other markets, but the company will need to adapt its model to suit the specific needs of the U.S. market.

While Moove has faced challenges in Nigeria due to inflation and rising fuel costs, the U.S. market presents a more stable economic landscape. However, the company will need to navigate the competitive landscape and ensure its services align with the preferences of U.S. consumers.

Moove’s expansion into the U.S. could have a significant impact on the EV market. By providing accessible financing options, the company can accelerate the adoption of electric vehicles and contribute to a more sustainable transportation system. Additionally, Moove’s operations could create new jobs and stimulate economic growth in the regions where it operates.