Mobility fintech startup, Moove Africa has raised $23 million Series A to boost its automotive investment in sub-Saharan Africa. According to the vehicle fleet manager in Africa, this fundraiser will provide financing to drivers of Uber Technologies Inc.

Soon Uber Technologies Inc drivers will be able to purchase cars throughout the Sub-Saharan Africa region. The fundraising was led by Speedinvest and US firm Left Lane Capital, with participation from its existing investor, Emso Asset Management. In addition to this transaction, Moove also revealed that it raised $40 million in debt financing, bringing its total portfolio to $68.5 million. “With Ladi and Jide leading a world-class team and their unique approach to vehicle finance, Moove has quickly established itself as one of Africa's most exciting technology companies,” said Stefan Klestil, general partner of Speedinvest", adding that: "the company's expansion to three cities in less than 12 months demonstrates the huge demand for vehicle finance in Africa, where only 5% of new cars are purchased with finance, compared to 92% in Europe”. Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, Moove has over 19,000 drivers using its platform.