Nigerian mobility financing company Moove falls among the top 10 financial technology companies that raised the most funding in the first quarter of 2024.
CB Insights disclosed in its Q1 2024 State of Fintech Report that Moove, a Nigerian mobility financing company, was shortlisted among the top 10 financial technology companies that raised the most funding in the first quarter of 2024.
While the vehicle financing company didn’t come close to having the highest fintech fund raised globally for the quarter, its $100 million funding in March was impressive enough to contribute 1.4 percent of the total global fintech funding raised between January and March 2024.
It also placed the business at joint 8th in the top fintech funding list, along with the Netherlands’ DataSnipper, the United States’ FundGuard and Watershed, and Hong Kong’s HashKey, which raised $100 million each.
In March 2024, Moove raised $100 million in a Series B fundraising round led by Uber, the company’s long-standing e-mobility partner. The deal marked Uber’s first significant investment in Africa, bringing car financing closer to unicorn status with a $750 million valuation.
According to the auto financing company, the investment will power its expansion goals as it prepares to debut in new countries.
The organization today works in 13 cities across six countries, including Nigeria, South Africa, Ghana, the U.K., India and the UAE. The business plans to spread its platform to new areas by the end of 2025.
The round, led by Capital G and supported by Tencent and Google Ventures, contributed 5.1 percent to the total fintech funding in the quarter and valued the startup at $5.1 billion.
Flexport of the United States is up next, having raised $260 million in convertible notes in January. With Shopify’s funding, Flexport contributed 3.6% of total fintech funding in the quarter. In January, American fintech Bilt Rewards raised $200 million in a Series C round.
