Moove Acquires Kovi to Expand Ride-Hailing Fleet in Latin America
TLDR
- Moove has acquired Brazilian urban mobility provider Kovi in an all-share deal
- The acquisition boosts Moove’s annual revenue to $275 million, up from $115 million last year
- The Nigeria-born startup now operates 36,000 vehicles across 19 cities on six continents
Uber-backed mobility fintech Moove has acquired Brazilian urban mobility provider Kovi in an all-share deal, consolidating its presence in Latin America’s ride-hailing market. The acquisition boosts Moove’s annual revenue to $275 million, up from $115 million last year.
Kovi, founded in 2018 and backed by Y Combinator, provides vehicle financing for rideshare drivers in Brazil and Mexico. It will continue operating under its brand, with its management team remaining in place, pending approval from Brazil’s antitrust authority.
Moove, which started in Lagos in 2020 with 76 cars, now operates 36,000 vehicles across 19 cities on six continents. The acquisition strengthens Moove’s AI-driven mobility strategy, integrating Kovi’s proprietary technology to optimize fleet management. The deal follows Moove’s recent partnership with Waymo to provide autonomous vehicle fleet operations in Phoenix and Miami. The company has raised over $500 million in funding and aims to build the world’s largest ride-hailing fleet.
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Key Takeaways
Moove’s acquisition of Kovi underscores a growing trend in mobility fintech—consolidation to scale fleet operations and financing solutions. As ride-hailing platforms seek to expand, companies like Moove are bridging the financing gap for drivers who lack vehicle ownership options. The deal gives Moove a major foothold in Brazil, Latin America’s largest ride-hailing market while complementing its existing expansion in Colombia and Mexico. With Kovi’s proprietary technology, Moove aims to enhance AI-driven fleet management and optimize operations. Moove’s strategy aligns with a broader industry shift towards asset-heavy mobility models. While competitors focus on software, Moove integrates vehicle financing with traditional ride-hailing and emerging autonomous vehicle operations. Its recent Waymo partnership signals its interest in AI-driven fleet deployment.
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