Africa Welcomes Another Unicorn as Nigeria’s Moove Hits $2.1 Billion Valuation, Joining the Continent’s Top Startup Giants
Africa’s technology ecosystem has reached another remarkable milestone as Nigerian mobility fintech startup Moove officially joins the prestigious unicorn club after securing a $250 million Series C funding round, pushing its valuation to an impressive $2.1 billion. The achievement makes Moove one of Africa’s three most valuable startup companies and reinforces Nigeria’s position as one of the continent’s leading innovation hubs.
Founded in 2020 by British-Nigerian entrepreneur Ladi Delano and co-founder Jide Odunsi, Moove was created to solve one of the biggest challenges facing ride-hailing drivers across Africa: access to affordable vehicle financing.
Unlike traditional lending institutions that rely heavily on credit history, Moove introduced an innovative revenue-based financing model that enables drivers to purchase vehicles and repay their loans using a portion of their weekly earnings. The model has transformed mobility financing for thousands of drivers while creating a sustainable path to vehicle ownership.
The company’s latest funding round was led by Mubadala Investment Company, with participation from Woven Capital, Toyota’s growth investment fund, Ion Pacific, as well as existing investors including BlackRock, MUFG, Franklin Templeton, and Uber. Additional backing came from BlueCrest Capital Management, Sona Asset Management, and The Raptor Group, highlighting growing international confidence in African technology companies.
Moove plans to channel the newly raised capital into expanding its autonomous vehicle business. The company intends to acquire autonomous vehicle fleets while establishing specialized robotics-powered facilities known as “Nests.” These centres will focus on charging, maintaining, and repairing self-driving vehicles, positioning the company for the future of urban mobility.
As part of this ambitious expansion, Moove also plans to increase its autonomous vehicle workforce by approximately 220 percent, growing from around 150 employees to nearly 500 before the end of the year.
From humble beginnings as a vehicle financing startup, Moove has evolved into one of Africa’s fastest-growing technology companies with a truly global footprint. The company now operates across Europe, the Middle East, Asia, Latin America, and Africa, demonstrating that African-founded startups can successfully compete on the world stage.
Its financial growth has been equally impressive. According to industry reports, Moove increased its Annual Recurring Revenue (ARR) from $275 million in 2024 to approximately $400 million in 2025, before growing further to around $420 million through a combination of organic expansion and strategic acquisitions.
Among its notable acquisitions are Tokyo Taxi in Japan and Kovi in Brazil, moves that significantly strengthened the company’s international presence and diversified its operations.
The startup has also demonstrated strong financial discipline. In 2025, Moove successfully repaid approximately $100 million in outstanding loans, clearing its original debt facilities and strengthening investor confidence in its long-term sustainability.
Today, Moove employs more than 3,300 people globally, operates over 42,000 vehicles, and serves customers in 29 cities across 13 countries, making it one of the largest ride-hailing fleet operators in the world.
Moove’s success marks another significant victory for Nigeria’s thriving startup ecosystem, often regarded as one of Africa’s “Big Four” technology markets alongside South Africa, Kenya, and Egypt.
The achievement follows another major Nigerian success story. In October 2024, financial technology company Moniepoint attained unicorn status after raising $110 million in a Series C funding round, bringing its valuation to $1 billion.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint initially focused on providing payment infrastructure and banking technology to financial institutions before expanding into digital banking, payment services, business credit, and financial management solutions for small and medium-sized enterprises (SMEs).
The funding round was led by Development Partners International’s African Development Partners III Fund, with participation from Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock.
At the time of its unicorn milestone, Moniepoint had processed more than 800 million transactions, handling monthly transaction volumes exceeding $17 billion while maintaining profitability.
The rise of both Moove and Moniepoint reflects the growing maturity of Africa’s technology landscape and the increasing willingness of global investors to back innovative African businesses. These milestones not only strengthen Nigeria’s reputation as a leading startup destination but also demonstrate the continent’s expanding influence in the global technology and innovation ecosystem.
