Moove, a mobility fintech company, has strengthened its global presence by acquiring Kovi, a Brazilian urban mobility provider.
This expands Moove’s footprint in Latin America, adding to its operations across 19 cities on six continents. The acquisition increases Moove’s total fleet to 36,000 vehicles and boosts its annual revenue to $275 million.
Kovi, founded in 2018, has built a strong presence in Brazil and Mexico by providing flexible vehicle access to ride-hailing drivers. The company’s proprietary IoT software and driver behaviour algorithms will now be integrated into Moove’s operations, enhancing efficiency and safety.
Ladi Delano, co-founder and co-CEO of Moove, said, “Kovi has built an impressive business with a robust presence in Brazil, one of the most dynamic mobility markets in the world. We’re thrilled to welcome them to the Moove family. This transaction not only strengthens our footprint in Latin America and reinforces our position as a dominant player in global mobility, but it also underscores our commitment to contributing to the Brazilian economy.”
Moove, which started operations in Lagos, Nigeria, in 2020, has greatly expanded, securing partnerships with companies like Uber. It offers financing solutions to ride-hailing and delivery drivers and has recently ventured into autonomous vehicle technology.
Kovi’s CEO, Adhemar Milani Neto, also shared his view about the deal. “Today, we stand at the forefront of a new era in mobility, and we believe that Moove has done a fantastic job at scaling their business on a global scale and with the right strategic angles. I met the founders many years back when they were scaling their business in Africa, and I was immediately impressed by their purpose-driven approach, which is also a perfect match to our culture. Together, I believe we will become a truly global category-defining business and will leverage scale and deep expertise never seen in our market.”
The financial terms of the deal have not been disclosed, but Moove confirmed that it was an all-share transaction, making Kovi a wholly owned subsidiary. The acquisition is still subject to regulatory approval from Brazilian authorities.
Moove has raised over $500 million in debt and equity funding from major investors, including Uber, BlackRock, and the World Bank’s International Finance Corporation (IFC).
While Delano declined to comment on future fundraising plans, he emphasised that the company is focused on achieving profitability and scaling its mobility solutions worldwide.
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