Moove is raising $1.2 billion debt for U.S expansion

Moove, an Uber-backed Nigerian startup that finances ride-hailing companies’ vehicles, is raising $1.2 billion in debt to support the rollout of an autonomous-driving fleet in partnership with Alphabet’s Waymo and expand into the US.

Bloomberg reports that the round has been oversubscribed, with growing interest from private credit companies and banks. According to people familiar with the matter, the deal is expected to be finalised soon.

“While we can’t discuss the specifics of any ongoing fundraising, Moove has built strong relationships with some of the world’s leading lenders,” Ladi Delano said.

The funding would mark a significant scale-up for Moove (into unicorn status) and signal a major push into the autonomous vehicle space. The company, which finances vehicles for ride-hailing and logistics drivers, has rapidly expanded its revenue to nearly $400 million this year from $275 million in 2024. It has also repaid about $100 million of its existing loans.

The new capital injection underscores Moove’s strategic pivot from its origins in Nigeria, where it deducts weekly payments from drivers’ earnings. The company increasingly focuses on global fleet management, operating vehicles for the Waymo One autonomous ride-hailing service in U.S. cities, including Phoenix and Miami. This international expansion has been a key driver of its recent revenue surge.