Moove, an African mobility fintech that provides vehicle financing to drivers of ride-hailing platforms like Uber and other gig networks, has raised $76 million in new funding to help expand its operations and investments in the markets it operates, TechCrunch reports.

The company through a statement revealed that the new fund included $28 million in equity from both new and existing investors, led by Mubadala Investment Company, $10 million in venture debt from funds and accounts managed by BlackRock, and $38 million in previously undisclosed funds that were raised over the prior twelve months.

According to the company’s CEO and co-founder, Ladi Delano, the Mubadala-led financing will help Moove double down on already profitable markets, including the UAE, India, the UK, and South Africa. He also said the company will continue to invest in its customer experience and accelerate its product development to deliver group-wide profitability within the next 12 months.In retrospect, it could be argued that Moove’s actions over the past couple of months, which have raised eyebrows, were geared towards meeting this target. Moove, which employs 500 people, conducted a company-wide “dismissal” in December, affecting an unstated number of employees.

In May, there were also reports of its drivers embarking on a strike. The strike, which was covered by Technext on its third day, was the drivers’ way of protesting against several injustices and inhumanity allegedly meted to them by the company.

Moove’s investors remain undeterred by these reports. Mubadala, the lead investor, still maintains faith with their first investment in an African-founded upstart, and their Head of Ventures & Growth, Faris Sohail Al Mazrui, will join Moove’s advisory board.

“Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other previously unavailable financial services. This is a hugely underbanked and underserved market that we believe has significant long-term potential,” he said of his firm’s investment in Moove, which also has global backers in Speedinvest and Left Lane Capital.The latest funding comes a year after Moove raised $105 million in Series A2 financing ($65 million in equity and $40 million in debt). The company has used various types of debt financing since its inception, including funding from British International Investment, Franklin Templeton Investments, and ABSA.

In 2021, the company closed its Series A round, raising $23 million. Moove has raised $325 million ($150 million in equity and over $175 million in debt). This latest financing takes Moove’s valuation to $550 million.