Moove, the Africa-born vehicle financing company backed by Uber, has acquired Kovi, a Brazilian urban mobility provider. This acquisition marks a major step forward in Moove’s ambitious vision of building the world’s largest ride-hailing fleet while solidifying its presence in Latin America’s rapidly expanding market.
While the financial details remain undisclosed, Moove has confirmed that this was an all-share transaction, making Kovi a wholly owned subsidiary. As a result, Kovi’s investors now hold shares in Moove, aligning both companies’ long-term growth trajectories.
From Lagos to the World: Moove’s Rapid Expansion
Moove’s journey started in 2020 with just 76 cars in Lagos, Nigeria. In just four years, it has grown to 36,000 vehicles across 19 cities spanning six continents. The company has built a unique place in the mobility industry by focusing on vehicle financing solutions for ride-hailing and delivery app drivers.
This latest acquisition further strengthens Moove’s Latin American presence, adding to its recent launches in Mexico and Colombia. Brazil, the region’s largest ride-hail market, now serves as a critical hub in Moove’s global expansion strategy.
“We have not just entered or strengthened our presence in the Latin American market,” said Ladi Delano, Moove’s co-founder and co-CEO, “but also put ourselves in a top-two position in Brazil through this acquisition.”
Kovi’s Legacy and What It Brings to Moove
Founded in 2018, Kovi emerged as one of Brazil’s most innovative mobility players, focusing on vehicle leasing and financing for ride-share drivers. The company had strong momentum, securing a $104 million Series B round in 2021 from major investors like Valor Capital, Prosus Ventures, and Quona Capital. It reported $45 million in annual revenue that year, with a steady 15% month-over-month growth.
Kovi’s proprietary IoT-based fleet management system and advanced driver behavior algorithm will now enhance Moove’s AI-powered mobility strategy. This acquisition isn’t just about scale; it’s about technology. Moove plans to integrate Kovi’s data-driven approach into its broader AI strategy, optimizing ride-hailing efficiency, fleet management, and autonomous vehicle operations.
A Growing Footprint in Autonomous Mobility
Beyond ride-share fleet expansion, Moove is making bold moves into the autonomous vehicle (AV) industry. The company recently partnered with Waymo, Alphabet’s self-driving car unit, to provide fleet operations for driverless vehicles in Phoenix and Miami. This acquisition of Kovi adds another layer of sophistication to Moove’s AI mobility initiatives, bridging the gap between traditional fleet management and next-generation autonomy.
What’s Next for Moove?
With this acquisition, Moove’s annual revenue has jumped to $275 million, more than doubling from $115 million last year. Despite its rapid growth, the company remains focused on profitability rather than just expansion.
Moove has raised over $500 million in debt and equity from major backers, including Uber, Mubadala, BlackRock, Franklin Templeton, and the IFC (World Bank). But Delano remains tight-lipped about any future fundraising, instead emphasizing the company’s focus on scaling sustainably and driving towards profitability.
As Moove continues its ascent in the global mobility space, its Kovi acquisition cements its leadership in Latin America, setting the stage for further innovation in vehicle financing, AI-powered fleet management, and autonomous mobility.
With this deal, Moove isn’t just acquiring a company—it’s accelerating the transformation of urban mobility worldwide.