One month after Uber-backed Moove launched in the US, the Nigerian startup that finances vehicles for ride-hailing has expanded to Mexico. The company projects it will become profitable in 2025.
The expansion to Mexico marks an important milestone for an African startup ecosystem that has, in recent years, faced a tough macroeconomic environment and fundraising challenges that have slowed growth.
As focus moves to building for a global audience, Moove’s focus on high-growth markets, its replicable model and partnerships with major ride-hailing platforms like Uber has positioned it for growth and made it attractive to investors. Its drive towards sustainability with EVs also aligns with investors’ continued interest in socially responsible startups.
“We’re excited to share that Moove has officially hit the streets of Mexico. The first vehicles have been delivered to our drivers, marking a significant milestone in our LatAm expansion,” Moove said in a LinkedIn announcement.
Moove said it has built a dedicated team as it taps into the growing demand for ride-hailing services in the region.
“With our Mexico team now fully onboard and operations underway, we’re driving towards a future of mobility that empowers drivers to achieve their goals and gain financial independence,” it said.
The company, which operates in seven markets, including Nigeria, South Africa, Ghana, the UK, India, UAE, and the US, said in March 2024 that it plans to expand to more markets by 2025.
Founded in 2020 by Ladi Delano and Jide Odunsi, the fintech sells vehicles to ride-hailing drivers, which is deducted weekly from gig workers’ earnings.
Since 2023, Moove has shifted to EVs with 100% of its fleet in UAE. The company also operates EVs in the UK and plans to introduce over 20,000 of them to its Indian unit.
