Moove, a mobile FinTech, has received $76 million in new funding, including $28 million in equity from new and existing investors.
Funding round led by Mubadala Investment Company (Mubadala), $10 million in venture capital debt from funds and accounts managed by BlackRock, and $38 million in undisclosed amounts previously raised in the last few years 12 months ago.
The African-founded company will use the funding to further its mission to build the largest technology-driven financial services platform for mobile entrepreneurs and strengthen its position on the global stage.
“We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets, including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide.’’
Ladi Delano, Co-founder and Co-CEO of Moove.
This investment is an endorsement of Moove’s ability to serve its customers and execute across multiple developing and developed markets. The funding signifies the start of a relationship that will also see Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, join the Moove advisory board.
“Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.”
Faris Sohail Al Mazrui, Head of Ventures & Growth, Mubadala.
Moove aims to provide financial services to people who do not have a bank account or are not served by traditional lenders, so that they can receive income-based financing and access ownership. property ownership as well as financial stability.