Table of Contents
Key Points
- Moove expands operations in Mexico, marking its eighth market, following a successful U.S. debut and $100-million Series-B funding round.
- The firm aims for profitability by 2025, focusing on empowering gig workers and promoting sustainable mobility through access to vehicles and financial independence.
- Moove partners with global platforms like Uber and transitions to electric vehicles, targeting high-potential markets in its strategic growth plan.
Moove, the global mobility fintech firm led by British-Nigerian entrepreneur Ladi Delano, has officially launched operations in Mexico, marking its latest expansion in a series of strategic moves across the globe.
The startup, which aims to achieve profitability next year, is committed to empowering gig workers and promoting sustainable mobility in North America. By providing drivers with access to vehicles and financial independence, Moove is seeking to address the growing demand for ride-hailing services in the region.
Moove's strategic growth
This expansion aligns with Moove's broader strategy of targeting high-potential markets and leveraging its replicable business model. By partnering with global platforms like Uber and transitioning to electric vehicles (EVs), the company is appealing to investors seeking sustainable and socially responsible enterprises.
The move comes just one month after its U.S. debut and follows a successful $100-million Series-B funding round led by Uber, enabling further growth in key markets such as India, the UAE, and the UK. This latest launch marks Moove’s eighth market, joining Nigeria, Ghana, South Africa, the UK, UAE, India, and the U.S.
"We're thrilled to announce our official entry into Mexico," said Ladi Delano, CEO of Moove. "This expansion is a testament to our commitment to empowering drivers and promoting sustainable mobility on a global scale."
Moove's expansion into Mexico is a significant development for the African startup ecosystem, which has faced challenges in recent months due to macroeconomic factors and a slowdown in fundraising.
Moove: Driving force in sustainable mobility finance
Established in 2020 by Ladi Delano alongside Jide Odunsi, Moove has rapidly emerged as a key player in the mobility fintech sector, addressing the acute shortage of vehicle financing for over two million African mobility entrepreneurs.
Moove initiated its first global expansion outside Africa in 2022 by partnering with Uber to establish a ride-hailing fleet in India. The venture kicked off with the deployment of 5,000 CNG and electric vehicles in its first year, with ambitions to scale to 30,000 vehicles within five years.
In 2023, Moove secured $8 million in additional funding from Absa Corporate and Investment Banking (CIB), enhancing its operations in Ghana. With its commitment to green mobility and innovative business model, Moove is well-positioned for continued global expansion and to contribute to a more sustainable future for transportation.
