Moove, a leading mobility fintech firm, has announced the successful closure of a $10 million debt funding round from Stride Ventures. This marks a pivotal milestone for the company, as it embarks on an ambitious expansion strategy aimed at bolstering its presence in key Indian cities and beyond.
Founded just a year ago by entrepreneurs Ladi Delano and Jide Odunsi, Moove has quickly emerged as a disruptor in the global mobility landscape. By leveraging alternative credit-scoring technology integrated into ride-hailing platforms, the company has been able to extend loans to individuals traditionally excluded from mainstream financial services.
The infusion of $10 million in debt financing from Stride Ventures will serve as a catalyst for Moove’s growth ambitions, enabling the firm to scale its operations and further penetrate untapped markets. With plans to expand its fleet and enter new cities such as Delhi, Pune, and Kolkata, Moove is poised to enhance accessibility to its innovative mobility solutions while fostering greater financial inclusion for underserved populations.
Operating across nine markets spanning Africa, the Middle East, Europe, and Asia, Moove boasts a formidable partnership with Uber as its primary vehicle supply collaborator in the EMEA region. This strategic alliance, coupled with Moove’s robust technology infrastructure, has positioned the company as one of Uber’s largest global fleet partners, facilitating over 30 million trips worldwide in Moove-financed vehicles.
The successful completion of the debt funding round underscores investor confidence in Moove’s vision and growth potential. Stride Ventures’ participation in the financing round reflects its belief in Moove’s ability to disrupt traditional paradigms within the mobility sector and drive positive societal impact through innovative fintech solutions.
With a clear trajectory for expansion and a commitment to leveraging technology for social good, Moove is poised to redefine the future of mobility and finance on a global scale. As the company continues to forge ahead on its growth journey, all eyes are on Moove as it seeks to transform the way people access and experience mobility services while championing financial inclusion as a core tenet of its mission.
