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

By Oluchukwu Ikemefuna

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Moove, the Nigerian mobility financing company, has achieved a great feat by falling among the top 10 financial technology companies that raised the most funding in the first quarter of 2024.

Moove

Note that the ride financing company didn’t come close to having the highest fintech fund raised globally for the quarter. However, its $100 million funding back in March was impressive. 

Fintech Fund Places Moove On 8th Position In Funding List

The fund was enough to contribute 1.4 percent of the total global fintech funding raised between January and March 2024. Additionally, it placed the company in 8th position on the top fintech funding list, along with Netherlands’ DataSnipper, and USA’s FundGuard. The list also included Watershed and Hong Kong’s HashKey which all raised $100 million apiece.

The fund raised in March in a Series B funding round was led by Moove’s long-time e-mobility partner, Uber. The investment, which marked Uber’s first major investment into Africa, brings ride financing closer to unicorn status with a $750 million valuation.

Moove To Use Fund For Expansion Plans

The ride-financing company stated that the fund will be used to power its expansion plans as it gears up to launch into new markets. 

Moove currently operates in 13 cities across six countries. These countries include Nigeria, South Africa, Ghana, the U.K., India and the UAE. 

It plans to use the new fund to expand its vehicle financing platform to 16 markets by the end of 2025.

Moove Funding Highlights African Startups’ Trajectory 

Moove’s successful funding round sets a positive beacon not only within Africa but also on a global scale. It highlights the rising potential of African startups in the fintech sector.

Moove has achieved the largest tech startup funding round in Africa in the first quarter of 2024.  Also, it accounted for 24 percent of a total of $466 million raised by tech startups in the continent between January and March 2024. 

The next highest tech startup funding in Africa was Kenyan transport and logistics startup Roam, which raised $24 million.

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Abdullahi Kafayat
Abdullahi Kafayat

Abdullahi Kafayat is an enthusiastic writer interested in the tech world. She's a graduate of Obafemi Awolowo University and has a BSc in Chemistry. You can reach her at Kafayatabdullahi17@gmail.com.

Articles: 275

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