Ride-hailing giant Uber has announced a $100 million investment in Moove, an African startup specializing in vehicle financing solutions. This transaction, which marks Uber’s first venture capital investment in Africa, aims to support Moove’s growth and facilitate vehicle ownership for Uber drivers across Africa.
Founded in 2015, Moove offers innovative and affordable financing solutions to taxi and motorcycle drivers, enabling them to purchase new and used vehicles. The startup uses artificial intelligence technology to assess the creditworthiness of customers and offer them financing plans tailored to their needs. Moove currently operates in 7 African countries (Ghana, Kenya, South Africa, Nigeria, Tanzania, Uganda, and Egypt) and has over 30,000 active customers.
Uber’s investment in Moove is part of its long-term commitment to the African continent. Indeed, Uber sees Africa as a booming market with significant growth potential. The investment will allow Moove to expand its services to new countries and reach a larger number of drivers, thus contributing to job creation and economic growth in Africa.
This investment is also good news for Uber drivers in Africa. Access to affordable financing solutions will allow them to acquire new and better quality vehicles, which will translate into a better experience for Uber customers.
