From Lagos to Latin America: Moove acquires Kovi in $275M expansion deal

Nigerian mobility fintech Moove has acquired Brazilian urban mobility provider Kovi, marking a major step in its global expansion. The deal, an all-share acquisition, boosts Moove’s annual revenue to $275 million and strengthens its presence in Latin America’s ride-hailing market.

Founded in 2020, Moove provides vehicle financing to ride-hailing and delivery drivers across six continents. The company started with just 76 cars in Lagos but has since grown to 36,000 vehicles operating in 19 cities worldwide. Latin America is now emerging as a key growth region.

“This acquisition cements our position in Latin America and puts us among the top two players in Brazil’s ride-hailing market,” said Ladi Delano, Moove’s co-founder and CEO. “Kovi’s proprietary technology will enhance our AI-driven mobility strategy and improve service delivery for our customers worldwide.”

Expanding Moove’s Global Footprint

Moove’s latest move follows a recent partnership with Waymo to provide driverless vehicle fleet operations in Phoenix and Miami. The acquisition of Kovi, which launched in 2018 to make vehicle ownership more accessible in Brazil, aligns with Moove’s mission to provide financing solutions for ride-share drivers globally.

Kovi will continue to operate under its brand in Brazil and Mexico while awaiting regulatory approval. However, Moove plans to expand further into Latin America, having recently launched operations in three cities across Colombia and Mexico.

A $500 Million-Backed Fintech Powerhouse

Since its launch, Moove has secured over $500 million in debt and equity funding from investors, including Mubadala, BlackRock, Franklin Templeton, and the International Finance Corporation (IFC). The company raised $100 million in a Series B round led by Uber last year, valuing it at $750 million.

Kovi’s CEO, Adhemar Milani Neto, expressed confidence in the deal, calling it a “perfect match.” “I met Moove’s founders years ago when they were scaling in Africa, and I was impressed by their purpose-driven approach,” he said. “Together, we will create a truly global category-defining business.”

With this acquisition, Moove is poised to accelerate its expansion in Latin America, introduce its Drive-to-Own product, and push further into AI-powered mobility solutions.

Read more on China’s WeRide targets $5bn U.S. IPO amid regulatory challenges