Uber-Backed Mobility Fintech Moove Acquires Brazil’s Kovi

Uber-Backed Mobility Fintech Moove Acquires Brazil’s Kovi
Photo: moove.io 04.02.2025 118

The deal marks a significant step toward Moove’s goal of building the world’s largest rideshare fleet.

Uber-backed Moove, an Africa-born mobility fintech that offers vehicle financing to ride-hailing and delivery app drivers across six continents, has acquired Kovi, a Brazilian urban mobility provider.

The value of the deal is not being disclosed, but Moove confirmed it was an all-share transaction, and Kovi is now wholly owned by Moove.

✔️ Moove uses a credit scoring system to provide vehicle financing to customers to purchase new vehicles for ride hailing, logistics and deliveries using a percentage of their weekly revenue.

✔️Kovi's asset-light business model consists of leasing vehicles from manufacturers and leasing companies and subsequently subleasing them to drivers on ride-hailing platforms.

Following the acquisition, pending approval from the Brazilian antitrust authority, Kovi will continue to operate under its brand while its executive and management teams will remain unchanged. 

Moove co-founder and co-CEO Ladi Delano told TechCrunch that the deal bumps the mobility fintech’s annual revenue to $275 million. Last March, Moove reported a $115 million ARR.

The news comes two months after Moove announced a partnership with Waymo to provide driverless vehicle fleet operations in two U.S. cities, Phoenix and Miami. 

Delano said Moove’s acquisition of the São Paulo-based Kovi marks a significant step toward the company’s goal of building the world’s largest rideshare fleet. What began with 76 cars in Lagos, Nigeria, in 2020 has now grown to 36,000 cars operating in 19 cities across six continents, with Latin America now emerging as a key market. 

While Moove will keep the Kovi brand operating in its existing markets, Brazil and Mexico, there are plans to expand further across Latin America. Moove recently launched operations in three cities across Colombia and Mexico. As such, the acquisition further cements Moove’s position in Latin America, giving the company a major foothold in Brazil, the region’s largest ride-hail market.

Moreover, Moove emphasized the importance of the deal in light of the development of AI technologies in the transportation sector. AI technologies already play a key role in Moove's AV business line, but, as company executives point out, the use of AI will extend across its entire business — from optimizing traditional ride-hailing services to improving fleet management. Kovi's proprietary technologies and algorithms will "complement and strengthen existing Moove AI mobility strategy" and ensure that the company can start to deliver an improved service and product to our customers around the world," stated Moove's CEO.

Source: TechCrunch

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