Ride-hailing driver financing leader Moove has secured $100 million in a Series B funding round, bringing its total funding to $460 million and valuation to $750 million. This round was reportedly led by Uber, a major player in the ride-hailing industry.
The new funding will fuel Moove's aggressive expansion plans. They aim to grow from operating in six countries to 16 by the end of 2025. This move is seen by analysts as a strategic investment by Uber to ensure a steady stream of drivers for its platform.
Moove offers a unique car financing solution for ride-hailing and delivery app drivers. They tackle the challenge of limited credit access by providing revenue-based financing. Drivers purchase new vehicles and repay the cost through a percentage of their weekly earnings. This innovative model has proven successful, generating $90 million in annual recurring revenue for Moove.
The company is not stopping there. They are reportedly in talks with Bolt, another major ride-hailing platform, to expand their driver financing options in key emerging markets. This collaboration could further solidify Moove's position as a leader in mobility fintech.
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