Moove, a leading mobility fintech backed by Uber, has announced the acquisition of Brazilian urban mobility provider Kovi in a strategic move aimed at accelerating its global expansion. The all-share transaction is expected to boost Moove’s annual recurring revenue (ARR) to $275 million, reinforcing its dominance in the mobility financing sector.
Co-founded in 2020 by Ladi Delano and Jide Odunsi, Moove has grown rapidly from a startup with just 76 cars in Lagos, Nigeria, to a global player with a fleet of 36,000 vehicles across 19 cities spanning six continents.
The acquisition marks a crucial step in Moove’s bid to strengthen its foothold in Latin America, particularly in Brazil—the region’s largest ride-hailing market. Speaking on the deal, Ladi Delano, Co-Founder and Co-CEO of Moove, highlighted Kovi’s strong market presence and technological capabilities as key assets in driving Moove’s expansion.
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“Kovi has built an impressive business in one of the world’s most dynamic mobility markets. We’re thrilled to welcome them to the Moove family. This transaction not only enhances our footprint in Latin America but also solidifies our position as a dominant global mobility player. Kovi’s proprietary IoT software and advanced driver behavior models align with our vision for safer, more efficient AI-driven mobility solutions,” Delano stated.
Kovi, founded in 2018 with a mission to make vehicle ownership more accessible to Brazilian drivers, will continue to operate under its existing brand with its current executive and management teams. This approach ensures stability as the two companies collaborate to address key challenges facing ride-hailing drivers in the region.
The acquisition has significantly boosted Moove’s financial performance, more than doubling its ARR from $115 million last year. Moove’s innovative model, which allows drivers to finance vehicles through earnings-based repayments, has positioned the company as a game-changer in the mobility sector
Kovi’s CEO, Adhemar Milani Neto, emphasized the transformative potential of the partnership, stating, “Today, we stand at the forefront of a new era in mobility… Together, I believe we will become a truly global category-defining business, leveraging scale and deep expertise never seen in our market.”