Moove Accelerates into the Future: $1.2B Debt Financing Fuels US Expansion and Waymo Autonomous Fleet

African ride-hailing startup Moove is on the brink of securing a massive $1.2 billion debt financing round. This financial boost is earmarked for two ambitious goals: expanding its operations into the U.S. market and rolling out an autonomous-driving fleet in partnership with Waymo, Alphabet Inc.'s self-driving technology unit.

Moove was founded in 2020. (Moove)

The financing round has seen overwhelming interest from private credit firms and banks, making it oversubscribed. The finalization is expected in the coming weeks. Ladi Delano, co-founder of Moove, highlighted the startup's strong relationships with leading global lenders and its successful repayment of initial debt facilities as indicators of its financial health and readiness for this next growth phase.

Moove's journey began in 2020, focusing on financing vehicles for ride-hailing drivers in Africa's largest markets. Backed by Uber Technologies Inc., the startup has rapidly expanded to over a dozen markets, including the UAE, Mexico, and India, boasting a fleet of 38,000 cars. The partnership with Waymo, initiated in December 2024, marks a significant step into the autonomous vehicle sector, with plans to own and manage its first autonomous fleet in the U.S.

Africa's tech-savvy, young population is driving demand for digital services, positioning Moove and similar startups for explosive growth. Moove's revenues have surged to nearly $400 million this year, up from $275 million in 2024, enabling the repayment of approximately $100 million in loans.