Moove Expands to Mexico in Global Expansion

Moove Global Expansion: Moove, the Nigerian fintech company that finances vehicles for ride-hailing services, has expanded its operations into Mexico. 

The expansion to Mexico marks an important milestone for an African startup ecosystem that has, in recent years, faced a tough macroeconomic environment and fundraising challenges that have slowed growth.  

Moove Global Expansion Meets Rising Demand 

The Moove Global Expansion is also part of a broader strategy to meet the rising demand for ride-hailing services in Latin America. 

The company’s success stems from its focus on high-potential markets and its replicable business model. 

By partnering with global platforms like Uber and shifting towards electric vehicles (EVs), Moove appeals to investors with an eye on sustainability and socially responsible enterprises.

“We’re excited to share that Moove has officially hit the streets of Mexico.”

Also, the first vehicles have been delivered to our drivers, marking a significant milestone in our LatAm expansion,” the company announced on LinkedIn.

According to TechCabal, the company said it has built a dedicated team as it taps into the growing demand for ride-hailing services in the region. 

“With our Mexico team now fully onboard and operations underway, we’re driving towards a future of mobility that empowers drivers to achieve their goals and gain financial independence,” it said.

Also Read:Moove Makes the List of Top 10 Global Fintech Funding in Q1 2024 with $100 Million Raise

How Moove Works

Moove works by embedding its alternative credit scoring technology onto ride-hailing and e-logistics platforms.

Consequently, it allows access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans. 

The fintech’s model is to provide loans to its customers by selling them new vehicles and financing up to 95 percent of the purchase within five days of sign-up.

Also, Moove customers can choose to pay back their loans over 24, 36, or 48 months, using a percentage of their weekly revenue. 

“All Moove customers sign up to the Moove app to manage all transactions and access other financial products on the platform,” a statement by the company said.

Mexico is the eighth country in Moove Global Expansion move, joining Nigeria, Ghana, South Africa, the UK, UAE, India, and the U.S. 

Additionally, the company plans to enter more markets by 2025. 

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