On Wednesday, Moove, an innovative mobility fintech backed by Uber, announced its acquisition of Kovi, a Brazilian urban mobility provider. This strategic move is set to elevate Moove’s annual recurring revenue (ARR) to an impressive $275 million.
Co-founded by Ladi Delano and Jide Odunsi, Moove has rapidly expanded since its inception in 2020. Initially launched with just 76 cars in Lagos, Nigeria, it now boasts a fleet of 36,000 vehicles operating across 19 cities on six continents.
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A new chapter for Moove
The acquisition of Kovi marks a significant milestone for Moove as it aims to solidify its presence in Latin America, particularly in Brazil, the region’s largest ride-hailing market. The deal was executed as an all-share transaction, meaning Kovi is now wholly owned by Moove.
Ladi Delano, Co-Founder and Co-CEO of Moove, stated, “Kovi has built an impressive business with a robust presence in Brazil, one of the most dynamic mobility markets in the world. We’re thrilled to welcome them to the Moove family. This transaction not only strengthens our footprint in Latin America and reinforces our position as a dominant player in global mobility, but it also underscores our commitment to contributing to the Brazilian economy. Kovi’s proprietary IoT software and advanced driver behaviour models complement our existing capabilities, supporting our focus on safety, efficiency, and innovation in AI mobility.”
Kovi was founded in 2018 with the mission of making vehicle ownership more accessible for Brazilian drivers. Following the acquisition, Kovi will continue to operate under its brand while maintaining its current executive and management teams. This ensures continuity and stability as both companies work together to tackle the challenges faced by ride-hailing drivers.
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Kovi integration fuels explosive growth for Moove
Moove’s growth trajectory has been impressive. Just last year, the company reported an ARR of $115 million, which has more than doubled thanks to the integration of Kovi.
The fintech’s unique model allows drivers to finance their vehicles with repayments deducted from their weekly earnings, making it easier to own and operate vehicles without the burden of traditional financing methods.
Adhemar Milani Neto, CEO of Kovi, stated “Today, we stand at the forefront of a new era in mobility… Together, I believe we will become a truly global category-defining business and will leverage scale and deep expertise never seen in our market.”
With plans for further expansion in Latin America, Moove aims to leverage Kovi’s established brand and technology to enhance service delivery and reach more drivers.