After launching in the U.S., Nigerian vehicle-financing startup Moove has extended its operations to Mexico, signaling an ambitious shift toward a global strategy. This expansion reflects the startup’s efforts to tap into high-growth regions despite the challenging macroeconomic environment African startups currently face. The company projects profitability by 2025, with Mexico marking the latest milestone in its quest for sustainable growth.
Positioning for Global Success
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove enables gig drivers—particularly on platforms like Uber—to access vehicles through a financing model that deducts weekly payments from their earnings. Originally focused on Africa, the fintech now operates in seven markets: Nigeria, Ghana, South Africa, India, UAE, the UK, and the U.S. The company has positioned itself as a key player by combining financial inclusion with mobility, which has attracted substantial investment.
Mexico’s ride-hailing sector offers high growth potential, giving Moove an entry into Latin America’s burgeoning market. The company has set up a dedicated team in the region, aiming to empower drivers with access to vehicles and financial independence. With Uber as a key partner, Moove’s scalable model is proving highly replicable across markets, drawing investor interest and enhancing its global reputation.
Sustainability and Strategic Growth
Moove has made strides toward sustainability by committing to electric vehicles (EVs), especially in developed markets like the UAE and UK. In line with global trends, it aims to deploy 20,000 EVs in India by 2025. These efforts align with investors’ increasing focus on socially responsible ventures, further solidifying Moove’s appeal.
By targeting both developed and emerging markets, Moove differentiates itself as a fintech solution designed for mobility in both the Global North and South. This dual-market approach ensures Moove’s adaptability and growth potential.
What’s Next?
Moove’s focus on Mexico highlights its ability to thrive in competitive markets while addressing the evolving demands of the gig economy. With a growing presence across multiple regions, it is clear that Moove is on track to become a global mobility leader, leveraging partnerships with top ride-hailing platforms to fuel its expansion.
The company’s recent $105 million fundraise illustrates investor confidence, which it aims to capitalize on with further expansions through 2025. Moove’s entry into Mexico underscores a promising step in the evolution of African-founded companies as they take on new global markets, inspiring other startups to follow suit.
This expansion isn’t just about mobility; it reflects a broader trend of African innovation breaking into global markets, blending sustainability, technology, and financial inclusion for long-term impact.