Moove, the Nigerian vehicle financing startup backed by Uber, is making plans for a major expansion into the United States. The company, which provides vehicle financing for ride-hailing and delivery services, has started recruiting for key positions in its Los Angeles and California offices. This move points at the company’s commitment to branch out into the American market.
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove has made a name for itself in six countries across Africa, Europe, and Asia. The company’s unique model allows drivers to purchase vehicles through installment payments which are deducted from their weekly earnings.
This expansion comes on the heels of a $100 million funding round announced in March 2024, which Uber was among the key investors. The move also aligns with the company’s aim to become profitable by 2025 and expand into six additional countries.
Read also: Bolt suspends inter-country ride requests for users in Nigeria and South Africa
Moove’s U.S. strategy is expected to focus heavily on electric vehicles, replicating its approach in the UAE and UK markets. This aligns well with the growing demand for eco-friendly transportation options in the United States.
While Moove has faced challenges in its home market of Nigeria due to economic instability, the company is likely to find a more favorable environment in the U.S., with its stable economy and established credit systems.
As Moove prepares to enter the competitive U.S. market, all eyes will be on how it adapts its business model to the new markets, and leverages its partnership with Uber. The company’s expansion represents a significant milestone for African startups making their mark on the global stage.