In a recent development, Moove, a startup backed by Uber, has expanded its operations to Mexico, marking a significant milestone following its launch in the US a month ago. The company, which provides vehicle financing for ride-hailing services, aims to achieve profitability by 2025.
This expansion to Mexico is a noteworthy achievement for the African startup ecosystem, which has faced challenges in fundraising and growth due to economic conditions. Moove’s strategy of targeting high-growth markets, establishing partnerships with major ride-hailing platforms like Uber, and focusing on sustainable practices such as using electric vehicles has attracted investor interest.
With operations now underway in Mexico, Moove has assembled a dedicated team to meet the increasing demand for ride-hailing services in the region. The company’s vision is to empower drivers, enabling them to reach their goals and attain financial independence.
Founded in 2020, Moove was established by Ladi Delano and Jide Odunsi. The fintech company sells vehicles to ride-hailing drivers, deducting payments weekly from their earnings. In a shift towards sustainability, Moove has transitioned its fleet to electric vehicles in certain markets like the UAE, the UK, and plans to introduce over 20,000 EVs in India.
Looking ahead, Moove, which currently operates in seven markets including Nigeria, South Africa, Ghana, the UK, India, UAE, and the US, aims to expand to more regions by 2025.