Just a month after launching in the US, Nigerian vehicle-financing startup Moove has expanded into Mexico. The company, which helps ride-hailing drivers finance vehicles, aims to become profitable by 2025.
This expansion represents a significant achievement for an African startup, especially given the macroeconomic challenges and slow fundraising that have impacted the ecosystem in recent years. Moove’s focus on high-growth markets, combined with its partnerships with platforms like Uber, positions it for continued success. The company’s shift towards electric vehicles (EVs) also aligns with investor interest in sustainability.
In a LinkedIn post, Moove shared its excitement about the milestone, stating, “The first vehicles have been delivered to our drivers, marking a significant milestone in our LatAm expansion.” The company has built a dedicated team to meet the growing demand for ride-hailing in Mexico and aims to empower drivers to gain financial independence.
Currently operating in seven markets, including Nigeria, South Africa, Ghana, the UK, India, UAE, and the US, Moove plans to continue expanding into more regions by 2025. Founded in 2020 by Ladi Delano and Jide Odunsi, Moove’s business model allows drivers to pay for their vehicles through deductions from their earnings.
Since 2023, Moove has prioritized EVs, with 100% of its fleet in the UAE and plans to introduce over 20,000 EVs to its operations in India.
