African mobility fintech startup, Moove, is on the verge of securing a $1.2 billion debt financing round to support the rollout of a fleet of autonomous vehicles in partnership with Alphabet Inc.’s Waymo in the United States.
This is according to a Bloomberg report citing sources familiar with the matter.
The round is reportedly oversubscribed, with strong participation from private credit firms and banks.
While final details are expected to be concluded in the coming weeks, the deal marks a significant milestone for the Nigeria-founded company as it ramps up its global ambitions.
Responding to queries about the funding, Ladi Delano, co-founder of Moove, reportedly declined to comment on the specifics but noted the company’s solid financial track record.
“Moove has built strong relationships with some of the world’s leading lenders. We have also fully repaid our first-ever debt facilities, which signals our maturity and marks a key milestone that demonstrates the strength of our platform as we enter the next phase of global autonomous-vehicle infrastructure deployment,” Delano said.
Waymo has also not made any official statement regarding the funding round.
Founded in 2020 by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove began by providing vehicle financing for ride-hailing drivers in Africa’s largest cities.
The startup has since attracted significant backing, including from Uber Technologies Inc., and entered a strategic partnership with Waymo in December 2024 to provide financing for self-driving cars.
Despite the funding winter, Moove led African startups’ fundraising last year with a total of $110 million raised, which includes a $100 million Series B led by Uber.
The funding at that time brought Moove’s valuation to valuation to $750 million as it edged closer to becoming one of Africa’s unicorns.
The latest funding round, if finalized, would represent one of the largest debt raises by an African-founded tech company and a major bet on autonomous mobility in global markets.