Moove, the Nigerian startup that finances vehicles for ride-hailing services, is making a significant push into the U.S. market.
With backing from Uber, the company is setting its sights on electric vehicle (EV) financing, starting with recruitment for key leadership roles in Los Angeles and California, including a managing director and head of debt capital markets.
Co-founded by Ladi Delano and Jide Odunsi, Moove’s U.S. expansion follows a $100 million funding round led by Uber and other investors in March 2024.
The funds will support the company’s ambitious strategy to meet the growing demand for electric vehicles in the ride-hailing sector, where sustainability is becoming a major focus.
Moove already has a strong presence in markets like the UAE, where it operates a fully electric fleet, and the U.K., where its EV operations are thriving.
The company is also preparing to introduce over 20,000 EVs for Uber drivers in India.
This global push is part of Moove's broader goal to expand into six additional countries by 2025.
In addition to tapping into the EV market, Moove’s move to the U.S. aims to mitigate challenges faced in Nigeria due to economic instability.
By entering the more stable U.S. market, the company hopes to leverage stronger credit systems and a robust economy to fuel its growth.
However, questions remain about whether Moove will adjust its business model to suit the unique demands of the U.S. market, where competition and regulatory challenges are different from those it has faced in other regions.
Moove’s entry into the U.S. is poised to be a game-changer, potentially positioning the company as a major player in the EV financing space as it continues to expand globally.