Mobility fintech firm Moove partners with Uber to provide financing to drivers

Moove, the mobility fintech firm and Uber’s largest vehicle supplier in EMEA, said it is launching in India as part of its global expansion. Moove, which provides revenue-based funding to mobility entrepreneurs, has expanded from its African roots to Mumbai, Hyderabad and Bengaluru. The startup offers accessible vehicle financing exclusively to drivers on Uber’s platform.

Moove aims to launch 5,000 CNG and electric vehicles in the first year. The company plans to scale to 30,000 vehicles over the next five years.

“We are expanding our revenue-based vehicle financing model to enable sustainable job creation across the country,” said Ladi Delano, co-founder and co-CEO of Moove. “It has some of the lowest vehicle ownership rates in the world, partly because of the lack of access to credit.”

Moove recently raised $105 million in new Series A2 funding to expand across emerging markets in Asia and Europe

Founded in 2020, Moove was launched to democratize access to vehicle ownership. The company embeds its alternative credit scoring technology into ride-hailing platforms and leverages proprietary performance and income analytics to underwrite loans for drivers previously excluded from financial services. Moove provides vehicle financing to mobility entrepreneurs to purchase brand new vehicles using a percentage of their weekly earnings.

“Moove provides a flexible option for drivers who want to enter the professional industry without having to borrow from car owners or take out bank loans to finance cars sourced from dealers,” said Abhilekh Kumar, Director of Business Development, Uber India South Asia “We and Moove working together to unlock growth as we witness a resurgence of post-pandemic demand in India.”

Over the past two years, Moove has enabled sustainable job creation and a path to asset ownership with its customers who have completed over 5 million trips in Moove-financed vehicles in four countries. With over 600,000 drivers on Uber in India, the launch will open up the opportunity for Moove to provide accessible financing to thousands of drivers.

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