Moove, the Uber-backed Nigerian mobility fintech startup, has acquired Kovi, a Brazilian car rental startup, marking a major step in its global expansion. This deal strengthens Moove’s presence in Latin America’s largest ride-hailing market and aligns with its ambition to build the world’s largest ride-share fleet outside Africa.
A Strategic All-Stock Deal
The acquisition is an all-stock transaction, meaning Kovi’s investors, including Accel, Spectra Investments, and Prosus Ventures, now own shares in Moove. Previously, Kovi had raised over $145 million, while Moove itself has secured nearly $500 million in debt and equity funding from investors like Uber, Mubadala, and BlackRock. Moove’s Uber-led Series B funding valued the company at $750 million.
Enhancing Moove’s AI Mobility Strategy
This acquisition is a key component of Moove’s AI-driven strategy, which aims to optimize ride-hailing, fleet management, and customer experience. Kovi’s proprietary technology and algorithms will be integrated into Moove’s AI mobility platform, enhancing its global operations.
“Kovi’s technology will complement and strengthen our existing AI mobility strategy, ensuring we deliver improved services and products to our customers worldwide,” said Moove’s co-founder and co-CEO, Ladi Delano.
Expanding Moove’s Global Reach
✅ $275 million in annual revenue
✅ 36,000+ cars in operation
✅ Presence in 19 cities across five continents
✅ Growing footprint in Colombia, Mexico & now Brazil
This deal accelerates Moove’s expansion outside Africa, reinforcing its stronghold in Latin America. Kovi CEO, Adhemar Milani Neto, emphasized that the two companies share a mission-driven approach and predicted that together, they will create a category-defining global business.
With this acquisition, Moove continues its rapid ascent in the global mobility fintech space, pushing the boundaries of innovation and reshaping ride-hailing markets worldwide.