Uber is investing up to $100 million in the Nigerian startup Moove

According to sources familiar with the subject, Uber Technologies Inc. is in discussions to support Moove, an African vehicle-financing company, in a potential $100 million fundraising round.

The US ride-hailing company will participate in a capital raising with a group of investors, increasing Moove’s enterprise value to around $750 million from $650 million, according to the persons who wanted to remain unnamed since the discussions are still confidential.

The ultimate amount, which might vary from around $75 million to $100 million, has not yet been determined by the investment round, they added.

Africa has the world’s fastest-growing population, and in a continent that has sometimes lacked traditional infrastructure and institutions, many young people are using technology more and more for services like banking, ride-hailing, and entertainment.

Nigeria, the most populous nation in Africa, is the birthplace of numerous quickly expanding fintech companies, like Flutterwave and Interswitch, which include Moove. A few of them have attained the so-called unicorn designation, which is awarded to firms valued at $1 billion or more.

Using a portion of their weekly revenue, the business offers drivers finance to purchase new cars for ride-hailing, logistics, and delivery using a credit-scoring system. It already collaborates closely with Uber.

In August of last year, Moove also raised a $76 million loan and equity transaction that comprised Mubadala Investment Co. and BlackRock Inc.