Uber Technologies The company is in talks to back African auto finance startup Move with a funding round of up to US$100 million (R1.9 billion), according to people familiar with the matter.
The U.S. ride-hailing company will join a group of investors participating in the financing, valuing Move at about $650 million to about $700 million, said the people, who requested anonymity because the negotiations are still private. The amount is said to be pushed up to $50 million.
The funding round has not yet been completed, and the final amount could vary between about $75 million and $100 million, they said.
Representatives for Uber and Move declined to comment.
Africa is the world's fastest growing population, and many young people are turning to technology for services such as banking, ride-hailing and entertainment, often lacking traditional infrastructure and institutions. is increasingly being used.
Moove is one of the fastest growing fintech services, including Flutterwave and Interswitch, founded in Nigeria, Africa's most populous country. Several companies have achieved so-called unicorn status, as startups valued at more than $1 billion.
credit scoring system
Nigerian-born Ladi Delano and Jade Odunsi founded Move in 2020 in Lagos to help aspiring ride-hailing drivers who are unable to obtain vehicle financing. Currently headquartered in Amsterdam, the company has expanded into Africa, the United Kingdom, the United Arab Emirates and India.
The startup uses a credit scoring system to offer drivers financing to purchase new vehicles for ride-hailing, logistics, and delivery using a percentage of their weekly income. The company already has a close partnership with Uber.
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Moove also closed a $76 million equity and debt round last August that included BlackRock and Mubadala Investment. — Roni Prinsloo and Shona Ghosh with Natalie Lang (c) 2024 Bloomberg LP
