A Nigerian startup, backed by Uber and specializing in vehicle financing for ride-hailing companies, is expanding its operations to the United States. The company has been actively recruiting for positions in Los Angeles and California since August, as part of its goal to become profitable by 2025.
The expansion to the U.S. includes openings for a managing director and a head of debt capital markets, who will be instrumental in fundraising efforts and engaging with financial stakeholders, according to a listing on LinkedIn.
Founded by Ladi Delano and Jide Odunsi, the startup revealed its expansion plans in March 2024 after securing a $100 million investment from various entities including Uber. Although specific countries for expansion were not disclosed, the company intends to focus on financing electric vehicles upon entering new markets. Currently operating in six countries, Moove aims to expand to six more countries by 2025.
The company’s business model involves selling vehicle fleets to drivers who use them for ride-hailing, logistics, and deliveries. Drivers pay for the vehicles in installments, deducted from their earnings on a weekly basis. Challenges have been faced in Nigeria due to inflation and fuel price increases affecting drivers’ ability to meet payment targets.
With the stable economy and reliable credit systems in the U.S., Moove anticipates a smoother operation in this new market. It remains to be seen whether the startup will adapt its business model for the U.S. market or maintain its current revenue-based financing approach for various platforms.
The U.S. expansion mirrors Moove’s entrance into the UAE in 2023, where the startup operates a fleet of electric vehicles, some of which accounted for a significant number of EV trips on the Uber UAE platform. Following similar initiatives in the UK and India, Moove is poised to introduce over 20,000 EVs on the Uber platform in India.
If the partnership between Uber and Moove transcends borders, as indicated by Uber’s participation in the funding round, the company’s emphasis on zero-emission vehicles may align well with the increasing popularity of electric vehicles in the U.S.
While Moove did not respond to requests for comments, its move into the U.S. market signifies a significant step in its global expansion strategy.