Uber Technologies Inc. is reportedly in talks to back Nigerian vehicle financing startup Moove in a funding round of up to $100 million. Although the funding round has not concluded and the final figure could still change between $75 million and $100 million, the investment could boost Moove’s enterprise value to approximately $750 million, a significant increase from its current $650 million value. Both Uber and Moove declined to comment on the situation.

Africa is seeing tremendous growth in its population, particularly among young people who are utilising technology for a variety of services including banking, ride-hailing, and entertainment. Moove is one of several increasing fintech services such as Flutterwave and Interswitch coming out of Africa’s most populous country, Nigeria. A number of these companies have achieved unicorn status, indicating valuations of $1 billion or more.

Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, Moove aimed to assist potential ride-hailing drivers who couldn’t access vehicle financing. The startup, now headquartered in Amsterdam, has since expanded its operations across Africa, the UK, the UAE, and India.

Moove applies a credit-scoring system to offer financing to drivers interested in purchasing new vehicles for ride-hailing, logistics and deliveries, by using a percentage of their weekly income. The startup, which already has a close relationship with Uber, closed a previous funding round of $76 million in equity and debt in August of the previous year, with investors including BlackRock Inc. and Mubadala Investment Co.

Source: Uber to Back Nigerian Startup Moove in Up to $100 Million Round.