Uber-Backed Moove’s Funding Round at $2 Billion Value

Moove, an African vehicle-financing startup backed by Uber, is seeking a new round of funding that would value the company at over $2 billion. This potential valuation would make Moove one of the largest startups in Africa. The startup provides vehicle financing solutions to gig economy drivers, allowing them to purchase cars and become Uber drivers. Moove's model involves providing these drivers with access to financing and training, with repayments made through a share of their earnings. The company, founded in 2020, has expanded rapidly across several African markets, including Nigeria, Ghana, and South Africa. The new funding round is expected to support Moove's continued growth and expansion within the continent. The $2 billion valuation reflects the growing demand for vehicle-financing solutions in Africa's gig economy, as well as Moove's successful execution of its business model. The startup's ability to raise such a significant amount of funding highlights the increasing investor interest in Africa's burgeoning tech ecosystem.