Table of Contents
Key Points
- Moove acquires Brazil’s Kovi, expanding its global fleet to 36,000 vehicles across six continents and strengthening its AI-driven mobility finance strategy.
- The deal enhances Moove’s presence in Latin America, integrating Kovi’s IoT and driver analytics into its vehicle financing and fleet management platform.
- Moove, backed by Uber and Mubadala, continues global expansion after securing $100 million in Series B funding and entering Mexico in October 2024.
Moove, the global mobility fintech firm led by British-Nigerian entrepreneur Ladi Delano, has acquired Brazilian mobility provider Kovi, reinforcing its push into Latin America and expanding its presence in high-growth markets worldwide.
The deal, executed for an undisclosed amount, further strengthens Moove's fleet and technology-driven approach to vehicle financing and fleet management, with its annual recurring revenue (ARR) now surpassing $275 million on a consolidated basis.
Kovi, established in 2018, has become a prominent player in Brazil and Mexico, providing flexible vehicle access through a data-driven platform. With its proprietary IoT software and advanced driver behavior algorithms, Kovi's technology will complement Moove’s AI-driven mobility strategy, enhancing safety, efficiency, and innovation.
As a result of the acquisition, Moove's fleet now spans 36,000 vehicles across 19 cities on six continents, solidifying its position as one of the largest fleet operators for ride-hailing services worldwide.
Moove acquires Kovi to expand mobility
“Kovi has built an impressive business with a robust presence in Brazil, one of the most dynamic mobility markets in the world,” Delano, Moove’s co-founder and co-CEO, said in a statement. “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.” He emphasized that Kovi’s technology would enhance Moove’s operations while supporting economic growth in Brazil.
Adhemar Milani Neto, CEO of Kovi, said the acquisition marks a turning point for mobility innovation in the region. “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,” he said. “Together, I believe we will become a truly global category-defining business and will leverage scale and deep expertise never seen in our market. We are also excited to continue our expansion across LaTam now with robustness with such strong partners.”
Moove expands to Latin America, raises funds
Since its founding in 2020 by Delano and Jide Odunsi, Moove has played a pivotal role in addressing Africa’s vehicle financing gap, helping over two million entrepreneurs gain access to capital. The company has provided financing for more than 30,000 mobility entrepreneurs worldwide, with its vehicles completing over 50 million trips. In October 2024, Moove expanded into Mexico, marking its first step into Latin America, while securing $100 million in Series B funding from investors including Uber Technologies and Mubadala.
With the integration of Kovi, Moove is set to deepen its penetration into the Latin American market, leveraging its AI-driven approach to enhance driver support and fleet management. The acquisition signals Moove’s ambition to redefine mobility finance globally while accelerating innovation in autonomous vehicle technology and mobility-as-a-service solutions.
