"Uber to back Nigerian startup Moove in up to $100 million round"

" Uber to back Nigerian startup Moove in up to $100 million round \r\n\r\nUber Technologies Inc. is in talks to back African vehicle-financing startup Moove in a funding round of as much as $100 million, said people familiar with the matter.\r\n\r\nThe US ride-hailing firm will join a group of investors in the cash raise, which will push Moove\u2019s enterprise value to about $750 million from about $650 million, said the people, who asked to remain anonymous as the talks are still private. The funding round has not yet concluded and the final figure could still change, ranging between about $75 million and $100 million, they said.\r\n\r\nRepresentatives for Uber and Moove declined to comment.\r\n\r\nAfrica is home to the fastest-growing population in the world, with many young people increasingly using technology for services including banking, ride hailing and entertainment on a continent that has often lacked traditional infrastructure and institutions.\r\n\r\nMoove is among several rapidly growing fintech services, such as Flutterwave and Interswitch, founded in Africa\u2019s most populous country, Nigeria. Several have achieved so-called unicorn status, ascribed to startups with valuations of $1 billion or higher.\r\n\r\nNigerian-born Ladi Delano and Jide Odunsi founded Moove in Lagos in 2020 to help would-be drivers for ride-hailing services who couldn\u2019t access vehicle financing. Now headquartered in Amsterdam, the firm has expanded across Africa, the UK, the UAE and India.\r\n\r\nThe startup uses a credit-scoring system to provide financing to drivers to buy new vehicles for ride hailing, logistics and deliveries using a percentage of their weekly income. It already has a close partnership with Uber.\r\n\r\nMoove also closed a $76 million equity and debt round in August last year that included BlackRock Inc. and Mubadala Investment Co."

"Uber to back Nigerian startup Moove in up to $100 million round"

Finance Minister Chairs New 13-Member Public-Private Partnership Working CommitteeAMP

Africa’s Smallholder Farmers are Using Bright Ideas to Adapt to Climate Change: G20 Countries Should Fund Their EffortsAMP

World Bank Urges Zimbabwe to Seek G-20 Support in Ending 25-Year Debt DefaultAMP