Nigerian Vehicle Financing Startup Moove Expands to Mexico
TLDR
- Moove, a Nigerian vehicle-financing startup, backed by Uber, expands to Mexico focusing on high-growth markets and partnerships with ride-hailing giants for growth.
- Founded in 2020, Moove provides vehicle financing to ride-hailing drivers in seven markets, including Nigeria, South Africa, the UK, and the UAE, with repayments deducted from weekly earnings.
- Investor interest rises in Moove as it expands globally, emphasizing electric vehicles (EVs) in line with the trend towards socially responsible startups.
Moove, a Nigerian vehicle-financing startup backed by Uber, has launched in Mexico, in line with its strategy to focus on high-growth markets and leverage partnerships with ride-hailing giants like Uber to fuel its growth.
The startup, founded in 2020, provides vehicle financing to ride-hailing drivers, with repayments deducted from their weekly earnings. It operates in seven markets, including Nigeria, South Africa, the UK, and the UAE, and projects profitability by 2025.
As Moove expands globally, it has gained investor interest, particularly through its focus on electric vehicles (EVs), aligning with the growing trend toward socially responsible startups.
Key Takeaways
Moove’s expansion into Mexico highlights its replicable business model and focus on high-growth markets, with a shift toward electric vehicles positioning it well for future growth. It also marks a significant milestone for African startups venturing into global markets. As Moove scales its global operations, it aims to tap into the increasing demand for ride-hailing services and establish itself as a key player in sustainable mobility.
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