Sacra estimates that Moove hit $400M in annual recurring revenue (ARR) in June 2025, up from $275M in 2024. This growth trajectory reflects the company's rapid expansion from its initial launch with 76 vehicles in Lagos in 2020 to operating 38,000 vehicles across 19 cities on six continents by 2025.

The revenue acceleration has been driven by several key factors: the acquisition of Brazilian fleet-tech company Kovi, which added significant vehicle inventory and geographic reach in Latin America; expansion into autonomous vehicle fleet management through the Waymo partnership; and continued growth in core markets like India, UAE, and South Africa where the company has achieved profitability. The company's annualized revenue run-rate reached approximately $360 million by mid-2025, representing a 31% sequential jump in just five months.

Moove's revenue model centers on weekly lease payments from drivers, typically structured as either fixed weekly deductions or percentage-based revenue shares automatically swept from drivers' marketplace wallets.

Moove is valued at $750 million following its $100 million Series B round led by Uber in March 2024. The company has raised approximately $460 million in total funding, comprising $250 million in equity and $210 million in debt financing since its 2020 launch.

Key investors across funding rounds include Uber, Mubadala Investment Company, BlackRock, Speedinvest, Left Lane Capital, thelatest.ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, Future Africa, MUFG Innovation Partners, Latitude, and Kreos Capital.

Moove is a vehicle financing platform that enables ride-hailing and delivery drivers to access cars through rent-to-own agreements without traditional credit requirements. The company operates as a combined car dealership, bank, and fleet management app specifically designed for gig economy drivers.

Drivers apply through the Moove app or marketplace links, where they consent to share their trip earnings history from platforms like Uber, Bolt, and Yango. Moove's proprietary credit engine converts this earnings data plus telematics into real-time credit scores, bypassing traditional credit bureaus entirely. Approved drivers select from Moove's pre-purchased inventory of vehicles including Toyota Corollas, Kia Niro EVs, and Tesla Model 3s.

The financing structure involves a small upfront fee followed by fixed weekly deductions automatically swept from drivers' marketplace wallets over 36-60 month terms. Moove bundles essential services including insurance, licensing, servicing, road tax, and roadside assistance, so drivers only pay for fuel or charging as variable costs. All vehicles include Moove-branded telematics that enable remote monitoring and, if necessary, disabling for defaults exceeding eight weeks. After final payment, drivers own the vehicles outright, while early departures result in repossession and asset redeployment.

Moove operates a B2B2C asset-heavy financing model that combines alternative credit underwriting with vertical integration across the vehicle lifecycle. The company purchases vehicles in bulk from manufacturers, then finances them to drivers through rent-to-own agreements that generate recurring revenue over 36-60 month terms.

The core value creation mechanism centers on alternative credit scoring using marketplace earnings data and telematics rather than traditional credit bureaus. This enables Moove to serve credit-thin driver populations in emerging markets while maintaining risk management through real-time performance monitoring and remote vehicle control capabilities.

Revenue generation follows a recurring subscription-like pattern through automated weekly deductions from drivers' marketplace wallets, typically structured as fixed payments or percentage-based revenue shares. The bundled service model includes insurance, maintenance, licensing, and roadside assistance, creating multiple revenue streams while simplifying the driver experience and reducing churn.

The business model benefits from several self-reinforcing dynamics: scale purchasing power reduces vehicle acquisition costs; proprietary telematics data improves credit scoring accuracy over time; and marketplace partnerships with Uber and others provide both customer acquisition and payment infrastructure. Asset recovery and refurbishment capabilities enable multiple deployment cycles per vehicle, improving unit economics compared to traditional auto lending.

Traditional ride-hailing platforms are increasingly building in-house financing capabilities to control driver supply and capture more value per transaction. Uber's direct investment in Moove reflects this strategic priority, while competitors like Bolt and regional players develop their own vehicle financing programs. These platforms benefit from direct access to driver performance data and can subsidize vehicle costs through platform economics, potentially undercutting independent financing providers on pricing and terms.

Autochek operates across seven African markets with a marketplace-driven approach backed by a $100 billion subsidized lending scheme through Nigeria's state-owned CrediCorp. This public funding enables below-market interest rates that directly compete with Moove's 18-22% effective APR in core Nigerian markets. MAX.ng and OnePort 365 focus on vertically integrated micromobility solutions for two and three-wheelers, targeting the same credit-thin driver population but with lower ticket sizes and different risk profiles.

Established players like Splend operate 16,000-vehicle fleets across Australia, UK, and Canada with sophisticated telematics scoring and bundled licensing services. FlexClub competes directly in South Africa and Mexico using revenue-share models similar to Moove but with bank partnerships for off-balance-sheet funding. These competitors benefit from mature regulatory relationships and established insurance partnerships, while their geographic focus allows deeper local market penetration.

Traditional automotive manufacturers and their financing arms are developing embedded driver-for-hire products, often linked to electric vehicle transition initiatives. Toyota Financial Services, Stellantis Financial, and major African banks leverage existing dealer networks and lower cost of capital to offer competitive financing terms. Their advantage lies in manufacturer relationships and regulatory compliance infrastructure, though they typically lack the alternative credit scoring capabilities and marketplace integrations that define Moove's approach.

The partnership with Waymo represents a fundamental expansion beyond vehicle financing into fleet operations and management. Moove will own, finance, and operate autonomous robotaxi fleets starting in Phoenix and Miami, creating an asset-as-a-service business model that captures operational margins rather than just financing spreads. This positions the company as infrastructure for the autonomous vehicle transition, with higher-value contracts and reduced dependence on individual driver credit risk.

The acquisition of Brazilian company Kovi immediately added 36,000 vehicles and established beachheads in Brazil and Mexico, two of Uber's fastest-growing regions. The planned US expansion alongside Waymo opens access to the world's largest ride-hailing market, while continued buildout in profitable markets like UAE, India, and South Africa provides geographic diversification. The company's 19-city footprint across six continents creates opportunities for cross-market operational leverage and risk diversification.

Electric vehicle charging infrastructure development in UAE and India positions Moove as an energy-as-a-service provider, capturing additional revenue streams while de-risking EV residual values. The company's proprietary telematics and credit scoring data could spin out into standalone SaaS offerings for banks and insurers. Natural gas vehicle financing in Nigeria addresses local infrastructure constraints while maintaining market presence in high-population African markets despite macro pressures.

Beyond ride-hailing, Moove now finances vehicles for logistics, mass transit, and instant delivery platforms, diversifying demand sources and reducing dependence on any single marketplace partner. The Moove Cares health insurance offering and driver fuel subsidy programs deepen wallet share and create cross-selling opportunities. Embedded services like maintenance bundles and driver training programs increase customer lifetime value while improving retention rates.

Capital intensity: Moove's asset-heavy model requires continuous capital deployment to purchase vehicle inventory, creating ongoing funding needs that could constrain growth during market downturns or if debt markets tighten. The company's dependence on external financing for fleet expansion makes it vulnerable to changes in credit availability or interest rates, particularly given its current pursuit of a $1.2 billion debt round.

Credit concentration: The business model depends heavily on alternative credit scoring for drivers who typically lack traditional credit histories, creating concentrated exposure to economic downturns that could simultaneously increase default rates and reduce driver earnings. Regulatory changes affecting gig economy worker classification or marketplace commission structures could materially impact driver ability to service vehicle payments.

Autonomous transition: While the Waymo partnership represents an opportunity, the broader shift toward autonomous vehicles could eventually eliminate the core driver financing market that built Moove's business. The timeline and pace of autonomous vehicle adoption will determine whether Moove can successfully pivot from driver financing to fleet operations before its traditional market shrinks significantly.