Moove Eyes U.S Market Expansion

Nigerian mobility startup Moove is reportedly expanding its reach, now setting its sights on the U.S. market with a focus on electric vehicles and sustainable growth. Having already established itself in countries like Nigeria, South Africa, the UAE, and the U.K., Moove is now eyeing the U.S. as its next big target.

The company’s model allows drivers to eventually own their vehicles by deducting a portion of their earnings over time. In addition, Moove’s green ambitions signal a commitment to providing cleaner, more sustainable transportation options across its markets.

With this expansion, the startup is currently on the hunt for key leadership in Los Angeles and California, with job postings for roles like Managing Director and Head of Debt Capital Markets surfacing in August 2024. These roles are pivotal as Moove seeks to drive fundraising efforts and handle intricate financial deals, all part of its strategic move to achieve profitability by 2025.

The company’s expansion plans align with its March 2024 announcement of securing $100 million in funding, backed by Uber, Future Africa, and Dubai’s The Latest Ventures. While details on exact U.S. cities remain under wraps, Moove’s ambition to focus on electric vehicle (EV) financing is clear.

As Moove previously demonstrated in its UAE operations, the company plans to introduce a green fleet of electric vehicles, adding to Uber’s eco-friendly efforts in the region. With the introduction of EVs in more markets like India and the U.K., Moove’s green transition is a significant part of its strategy moving forward.

Co-founded by Ladi Delano and Jide Odunsi, Moove is known for its unique model of financing vehicles for drivers in ride-hailing services.

Moove’s presence across six countries, including Nigeria and South Africa, has already paved the way for its further expansion, with a goal to enter six more by 2025. Yet, back home in Nigeria, Moove faced a tough challenge. Drivers struggled with rising inflation and fuel price hikes, making it difficult to keep up with payment obligations under the company’s revenue-sharing model. But with the U.S. economy being more stable and boasting advanced credit systems, Moove hopes to overcome these hurdles. Whether or not the company will tweak its current model for the American market remains to be seen, but the expansion is a strategic step toward solidifying its global footprint.

The U.S. expansion might resemble Moove’s 2023 entry into the United Arab Emirates, where it runs a fleet that is entirely electric, some of which were responsible for the most number of EV rides on the Uber UAE platform that year. According to a March report, it also runs EV fleets in the United Kingdom and is getting ready to launch more than 20,000 EVs on Uber in India.