One month after its launch in the United States, Nigerian vehicle-financing startup Moove has expanded to Mexico, marking a significant milestone in its growth journey.
Moove, which finances vehicles for ride-hailing services like Uber, aims to become profitable by 2025. The expansion highlights the resilience of African startups in overcoming tough macroeconomic challenges, positioning themselves for global success.
Moove’s scalable model and partnerships with major platforms have attracted investors, especially with its focus on sustainability through electric vehicles (EVs
Moove officially announced the delivery of its first vehicles in Mexico, emphasizing the significance of its expansion into the Latin American market. With a dedicated team in place, the company is capitalizing on the increasing demand for ride-hailing services in the region.
Moove aims to empower drivers by offering them access to vehicles, helping them achieve financial independence through its vehicle-financing model.
The startup, currently operating in seven markets including Nigeria, South Africa, the UK, and the UAE, plans to expand to more regions by 2025. Founded in 2020 by Ladi Delano and Jide Odunsi, Moove enables ride-hailing drivers to purchase vehicles, with weekly deductions made from their earnings, providing a sustainable financial solution for gig workers.
In its recent shift towards sustainability, Moove has transitioned to a fully electric vehicle fleet in the UAE and has introduced EVs in the UK. The company has ambitious plans to introduce over 20,000 EVs to its Indian operations, reflecting its commitment to environmentally responsible growth.
By focusing on high-growth markets and leveraging strategic partnerships, Moove continues to position itself as a key player in the global mobility sector, while maintaining a strong appeal to investors interested in socially responsible business models.