Moove, the Uber-backed mobility fintech startup, has acquired Kovi, a top car rental platform in Brazil, in an all-stock deal that further cements its position as a global player in ride-hailing and vehicle financing. The acquisition integrates Kovi’s investors into Moove’s ecosystem and expands the company’s presence in Latin America’s largest ride-hailing market.
Moove’s Global Footprint Grows
With operations now spanning 19 cities across five continents, Moove is aggressively scaling beyond its African roots. Already active in Colombia and Mexico, the company’s expansion into Brazil solidifies its presence in Latin America, a key market for ride-hailing innovation.
The deal also boosts Moove’s annual revenue to $275 million, while expanding its fleet to 36,000 vehicles. The company’s long-term goal remains clear: building the world’s largest ride-share fleet outside Africa.
AI-Powered Mobility Takes Center Stage
Moove is leveraging AI-driven solutions to optimize vehicle utilization, streamline fleet management, and enhance ride-hailing efficiency. Kovi’s proprietary technology and data-driven approach will accelerate these efforts.
“Kovi’s technology will complement our existing AI mobility strategy, enabling us to offer even better services to customers worldwide,” said Ladi Delano, Moove’s co-founder and co-CEO.
Investor Shake-Up and Market Confidence
Kovi’s investors—including Accel, Spectra Investments, Valor Capital, Prosus Ventures, and Quona Capital—are now shareholders in Moove. The Nigerian startup has raised over $500 million from top investors like Uber, BlackRock, Mubadala, Franklin Templeton, Janus Henderson, and the IFC.
A $100 million Series B round led by Uber in 2023 valued Moove at $750 million, highlighting its rapid growth and investor confidence in its vision.
“Their purpose-driven approach aligns perfectly with ours. Together, we will build a truly global, category-defining business,” said Kovi CEO Adhemar Milani Neto.
What’s Next for Moove?
With the Kovi acquisition, Moove is doubling down on Latin America while pushing forward its AI-powered, data-driven approach to vehicle financing and mobility. As it scales its fleet and deepens its market penetration, the company is positioning itself as a dominant force in global ride-hailing finance.
This latest move signals that Moove is not just expanding—it’s accelerating.
