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Uber is reportedly considering joining other investors in a funding round for African auto finance startup Move.
The total funding round could be between $75 million and $100 million, raising Moove’s value to about $750 million from the current $650 million, Bloomberg reported Friday. (February 23), citing anonymous sources.
Negotiations are ongoing and the numbers are subject to change, the report said.
Uber did not immediately respond to PYMNTS’ request for comment.
According to the company’s website, Moove provides access to mobility entrepreneurs by incorporating its alternative credit scoring technology into platforms serving the ride-hailing, logistics, mass transit, and instant delivery sectors. That’s what it means.
The reported funding round comes six months after Moove secured $76 million in funding to expand its platform.
Moove said at the time that since its last funding in 2022, the financial services platform for mobility gig workers reported 17x revenue growth, with more than 12,000 customers and 22 million yen in Moove-funded vehicles across 13 markets. reported being able to complete more than one move.
The company also said it has become Uber’s largest vehicle financing partner in Europe, the Middle East and Africa, and currently operates the largest electric vehicle fleet on the Uber platform in the United Arab Emirates. The company added that it plans to “double down” on its already profitable markets in the UAE, India, UK and South Africa.
“This investment gives us an opportunity to accelerate our mission and transform the lives of our customers while working towards profitability,” Ladi Delano, co-founder and co-CEO of Moove, said at the time. We will continue to create.”
The company said it will enter the UAE in December 2022 and is committed to making at least 60% of the vehicles it finances globally electric.
In September 2022, Move announced the launch of its vehicle financing service in London, offering a 100% rent-to-buy model for electric vehicles. The company says his Uber drivers will apply for Moove financing, an initiative he launched in 2019 to help Uber drivers finance their transition to electric vehicles. It added that they would also be eligible for a reduction in their payments.
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