Moove, an Africa-born mobility fintech backed by Uber, has acquired Kovi, a Brazilian urban mobility provider, in an all-share transaction.
The deal, which remains undisclosed in value, makes Kovi a wholly owned subsidiary of Moove.
Why it matters
The acquisition cements Moove’s expansion into Latin America, the world’s second-largest ride-hailing market. Moove’s annual revenue now stands at $275 million, up from $115 million last year, according to co-founder and co-CEO Ladi Delano.
By the numbers
- Moove started with 76 cars in Lagos in 2020 and now operates 36,000 cars across 19 cities on six continents.
- Kovi, backed by Y Combinator, last reported $45 million in annual recurring revenue in 2021.
- Moove has raised over $500 million in debt and equity from investors, including Mubadala, BlackRock, and Uber.
The big picture
- The acquisition aligns two companies addressing the same challenge—providing vehicle financing for ride-hailing drivers.
- Kovi will continue operating under its brand in Brazil and Mexico, maintaining its executive team. The deal also makes Kovi’s investors shareholders in Moove.
Zoom out
- Moove recently launched in three cities across Colombia and Mexico, with further Latin America expansion in the pipeline.
- In November, Moove partnered with Waymo to provide fleet operations for driverless vehicles in Phoenix and Miami.
Between the lines
Moove’s push into Latin America positions it as a major player in Brazil, the region’s largest ride-hailing market. The company aims to leverage Kovi’s technology to enhance its AI-driven mobility strategy.
What they’re saying
“Kovi is one of the top two players in Brazil. We have not just entered but secured a leadership position in the largest single market in Latin America,” said Delano.
Source: Techcrunch
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