Investing.com -- African ride-hailing startup Moove is close to securing $1.2 billion in debt financing to fund its autonomous-driving fleet deployment with Alphabet Inc’s (NASDAQ: GOOGL ) Waymo and expand its operations in the United States.

The debt round is currently oversubscribed, attracting interest from private credit firms and banks, according to a report from Bloomberg, citing people familiar with the matter. The financing is expected to be finalized in the coming weeks.

While not commenting directly on the specific fundraising details, Moove co-founder Ladi Delano noted that the Nigerian startup has established strong relationships with leading global lenders.

Delano highlighted a significant milestone for the company, stating that Moove has fully repaid its first-ever debt facilities. This repayment demonstrates the platform’s maturity and strength as it prepares to enter its next phase of global autonomous-vehicle infrastructure deployment.

The new funding will support Moove’s collaboration with Waymo, Alphabet’s self-driving technology unit, while also helping the African startup grow its presence in the U.S. market.

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