Moove, a Nigerian-founded startup that finances vehicles for ride-hailing and delivery drivers, is preparing to launch operations in the U.S., with job openings listed for roles in Los Angeles and California since August. This move aligns with Moove’s broader strategy to expand its reach and achieve profitability by 2025.
The advertised positions include a Managing Director and a Head of Debt Capital Markets, who will play a key role in securing funding and structuring financial transactions, as indicated in a recent LinkedIn job posting.Founded in 2020 by Ladi Delano and Jide Odunsi, the company secured $100 million earlier this year from investors, including Uber, Future Africa, AfricInvest, and Palm Drive Capital. Moove’s operations currently span Nigeria, South Africa, Ghana, the U.K., India, and the UAE, with plans to add six more countries by 2025. While details about specific U.S. cities remain under wraps, Moove has emphasized its commitment to financing primarily electric vehicles in its new markets.The U.S. expansion is expected to mirror the company’s successful entry into the UAE, where it launched an all-electric fleet in 2023. Moove’s EV fleet in the UAE accounted for a significant number of electric trips on Uber’s platform in the region. The company is also scaling its EV operations in the U.K. and India, aiming to deploy over 20,000 electric vehicles in the coming years.Moove’s business model involves financing vehicles for ride-hailing, logistics, and delivery drivers, who repay the cost in installments via a percentage of their weekly income. This approach has faced challenges in markets like Nigeria, where economic instability and rising fuel prices have made it difficult for drivers to meet payment targets. However, the U.S. market—with its relatively stable economy and established credit systems—may offer fewer obstacles.
It remains to be seen whether Moove will adapt its revenue-based financing model to better suit the dynamics of the U.S. market or retain its current structure across all regions. With increasing adoption of electric vehicles in the U.S., Moove’s zero-emission focus could position the company well for success in this new territory.
