Nigerian-born mobility fintech Moove has expanded into Mexico, marking its entry into the Latin American market just one month after launching operations in the U.S. Moove, which provides vehicle financing for ride-hailing drivers, is focused on empowering gig workers by offering them access to vehicles and financial independence. The company’s expansion into Mexico is part of its broader strategy to address the growing demand for ride-hailing services across Latin America.
Moove’s Expansion Strategy
Since its founding in 2020 by Ladi Delano and Jide Odunsi, Moove has rapidly expanded across multiple regions, operating in eight markets, including Nigeria, Ghana, South Africa, the UK, UAE, India, the U.S., and now Mexico. With a goal of entering 16 markets by 2025, Moove is targeting high-growth markets where ride-hailing services are in demand. The company’s business model involves selling vehicles to ride-hailing drivers, with repayments tied to a portion of their weekly earnings, making it accessible for gig workers to gain financial independence.
Moove’s entrance into Mexico comes at a time when the Latin American region is experiencing a significant increase in ride-hailing demand, presenting an opportunity for growth. Moove has built a local team in Mexico and has already begun delivering vehicles to drivers.
READ ALSO: Moove’s Strategic Expansion to the U.S.: A Key Move Toward Profitability by 2025
Focus on Sustainable Mobility
Moove’s success has been fueled by its strong partnerships with platforms like Uber and its commitment to sustainability. The startup has increasingly focused on deploying electric vehicles (EVs) in several of its markets. In 2023, Moove raised $76 million to expand its EV fleet in India, with plans to deploy over 20,000 EVs in the country by 2025. The company’s fleet in the UAE is already fully electrified, aligning with global trends toward greener transportation.
In February 2024, Moove secured $10 million in debt funding from Stride Ventures to strengthen its presence in India. Following this, in March 2024, Moove raised $100 million in a Series B round led by Uber, which will support the company’s expansion across its 16 target markets by 2025.
Impact on the African Startup Ecosystem
Moove’s expansion into Mexico is significant for the African startup ecosystem, which has faced macroeconomic challenges and a slowdown in fundraising. The company’s success and growth amid these challenges demonstrate the potential for African-born startups to thrive in global markets. Moove’s replicable business model, combined with its focus on sustainability, has made it an attractive option for investors looking to back socially responsible enterprises.
By embracing electric mobility and leveraging its partnerships with global ride-hailing platforms, Moove is positioning itself as a leader in the future of transportation. The company’s long-term goal is to achieve profitability by 2025 while continuing to empower gig workers globally through access to sustainable transportation solutions.
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