Uber-backed Moove to raise $1.2b debt to fund Waymo fleet

Moove, an African ride-hailing startup, is reportedly close to raising US$1.2 billion in debt financing to support its US expansion and autonomous fleet rollout with Waymo.

The financing round is said to be oversubscribed, with interest from private credit firms and banks.

It is anticipated to close in the coming weeks, but a representative for Waymo has not yet commented.

Founded in 2020, Moove initially financed vehicles for ride-hailing drivers in Africa and now operates in over a dozen markets.

Its partnership with Waymo, announced in December 2024, supports Moove’s shift toward self-driving technology and has helped boost its revenue to US$400 million this year.

The company has also reportedly repaid about US$100 million in loans, indicating significant financial progress.

Moove aims to launch its first autonomous fleet in the US as part of a broader push to scale globally.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ Moove’s pivot shows vehicle financing firms evolving into tech-first transportation companies

Moove’s trajectory demonstrates how vehicle financing startups are transforming into comprehensive mobility infrastructure providers to capture more value in the transportation ecosystem.

Starting in 2020 with a focus on financing vehicles for ride-hailing drivers in Africa, the company has rapidly expanded to manage a fleet of 38,000 cars across multiple continents and is now moving into autonomous vehicle operations with Waymo 1.

This evolution reflects broader industry shifts, as ride-hailing services are projected to grow from approximately $79.13 billion in 2024 to $90.5 billion in 2025, with a CAGR of 14.4% 2.

Moove’s revenue growth—from $275 million in 2024 to nearly $400 million so far this year—shows how vehicle financing platforms can scale rapidly by expanding both geographically and into adjacent mobility services 2.

The company’s ability to repay $100 million in loans while pursuing aggressive expansion demonstrates the financial viability of this model when executed effectively.