Uber-Backed Nigerian Startup Moove Targets U.S. Expansion in Global Growth Plans

Moove, the Nigerian vehicle financing startup backed by Uber, is preparing to expand into the United States market as part of its global growth strategy. Since August, the company has been actively recruiting for key positions in Los Angeles and California, signalling its commitment to establishing a foothold in the U.S. This expansion aligns with Moove’s goal of achieving profitability by 2025.

The company is presently filling roles such as managing director and head of debt capital markets. The latter position, listed on LinkedIn, is crucial for driving Moove’s fundraising efforts and managing financial partnerships as the startup looks to expand in new markets.

Co-founded by Ladi Delano and Jide Odunsi, Moove announced its ambitious plans in March 2024 after raising $100 million from a group of investors including Uber, Future Africa, Dubai-based The Latest Ventures, AfricInvest, Palm Drive Capital, and Triatlum Advisors.

While Moove has not disclosed all of the countries in its expansion plan, it has confirmed a focus on financing electric vehicles (EVs) as it grows. Currently operating in six markets—Nigeria, South Africa, Ghana, the U.K., India, and the UAE—Moove aims to enter six additional markets by 2025.

The U.S. expansion is expected to follow Moove’s successful launch in the UAE in 2023, where it introduced a fully electric fleet that generated the highest number of EV trips on Uber’s UAE platform. Moove also manages EV fleets in the U.K. and plans to deploy over 20,000 EVs in India for Uber.

Moove’s business model involves financing vehicle fleets for ride-hailing, logistics, and delivery drivers, who repay through a percentage of their weekly earnings. While drivers in Nigeria have faced difficulties meeting payments due to inflation and high fuel costs, Moove anticipates fewer challenges in the more stable U.S. economy with its established credit systems.

As Moove enters the U.S., it will be interesting to see if it adapts its revenue-based financing model or maintains its current approach, especially in a market with growing demand for electric vehicles.