The global ride-hailing franchise Uber is having talks of investing $100 million in the Nigerian Vehicle Financing company, Moove.
According to a Bloomberg post, the possibility of the investment of Moove by Uber is looking positive as the ride-hailing company aims to expand its outreach in Africa.
If Moove gets this deal, its valuation would skyrocket to $750 million as the company is setting its eyes on being one of the largest tech financiers in Africa.
The FinTech Company, Moove, at this time, is the exclusive vehicle financier, for God is Good Motors, aiding in the growth of the mass transit company.
Uber, on the other hand, has been expanding rapidly in many parts of Africa, partaking in and owning a share in the rapidly growing ride-hailing market of Africa.
In terms of Uber investments, the company has grown its investment portfolio to 40 companies, and aiming to make Moove its 41st and its first African investment.
Earlier on, Moove successfully raised $10 million for its expansion into the Indian market. The possibility of this Uber investment is close to certain, and once finalized, it marks an investment 10x the last investment and a third of the total investment into the company.