Uber targets an investment of up to $100 million in Nigerian fintech company Moove. This prospective infusion, if finished, would represent a gigantic leap from Moove’s previous fundraising round, potentially catapulting its worth to a stunning $750 million—a tribute to its crucial role in Africa’s booming tech industry.
Specializing in vehicle financing designed for drivers navigating the gig economy, Moove has gained attention with its creative strategy, enabling drivers across the continent. As reported by Bloomberg, the investment under negotiation reflects Uber’s strategic interest in strengthening its footing in Africa’s flourishing ride-hailing sector. It emphasizes the significance of fintech solutions in reshaping transportation and aiding financial inclusion.
Uber’s push into Africa tech industry, notably through a potential investment in Moove. While the conversations are ongoing, the move reflects Uber’s acknowledgment of Africa as a critical development frontier. With over 40 investments globally, Uber’s possible backing of Moove might mark its maiden investment in the African continent, signifying a moment for both companies to broaden tech sector in Africa.
This development comes from Moove’s recent $10 million financing focused on increasing its reach, notably in India—an indicator of the company’s intentions for worldwide expansion. With Uber’s prospective backing, Moove looks set to consolidate its place as a significant player in Africa’s tech environment and advance its aim of empowering drivers and spreading financial inclusion across the continent.
