TLDR
- African mobility fintech startup Moove is close to finalizing a $1.2 billion debt financing round to support its rollout of autonomous vehicles in the United States
- The round is reportedly oversubscribed, with strong interest from private credit funds and banks. Final terms are expected to be concluded in the coming weeks
- Moove initially offered vehicle financing to ride-hailing drivers in Africa and now operates across more than 13 markets, including the UAE, India, and Mexico
African mobility fintech startup Moove is close to finalizing a $1.2 billion debt financing round to support its rollout of autonomous vehicles in the United States through a partnership with Alphabet Inc.’s Waymo, according to a Bloomberg report citing sources familiar with the matter.
The round is reportedly oversubscribed, with strong interest from private credit funds and banks. Final terms are expected to be concluded in the coming weeks.
Founded in 2020 by Nigerians Ladi Delano and Jide Odunsi, Moove initially offered vehicle financing to ride-hailing drivers in Africa and now operates across more than 13 markets, including the UAE, India, and Mexico. It has built a fleet of 38,000 vehicles and expects to generate nearly $400 million in revenue by the end of 2025, up from $275 million in 2024.
Moove previously raised $110 million in 2023, including a $100 million Series B led by Uber. The company has repaid around $100 million in loans, a milestone co-founder Delano highlighted as a sign of the firm’s maturity.
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Waymo has not commented on the deal. If finalized, this would be one of the largest debt raises by an African-founded tech company.
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Key Takeaways
Moove’s anticipated $1.2 billion debt round signals a shift in Africa’s startup narrative–from solving local mobility challenges to competing in global deep-tech ecosystems. While debt financing of this scale is rare for African-founded firms, Moove’s entry into the U.S. autonomous vehicle sector through Waymo adds a strategic layer to its expansion. The startup’s move from ride-hailing financing in Lagos to owning and operating a fleet of self-driving cars in North America shows how emerging market startups are no longer confined to local impact. With autonomous fleets requiring heavy upfront capex, Moove’s debt strategy reflects confidence in cash flow and asset-backed models. By scaling its operations with support from global credit markets, Moove may be setting a precedent for how African tech companies can access non-dilutive capital and tap into next-generation infrastructure plays, while proving that frontier innovation can originate anywhere, not just Silicon Valley.