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Nigeria’s Moove Acquires Brazil’s Kovi In Further Latin American Expansion
Nigeria’s Moove Acquires Brazil’s Kovi In Further Latin American Expansion

Moove, a Nigerian-born mobility fintech that provides vehicle financing for ride-hailing and delivery drivers, has acquired Kovi, a Brazilian urban mobility provider, in an all-share transaction. The all-stock deal (value undisclosed), which is pending approval from Brazil’s antitrust authority, positions Moove as a top player in Latin America’s largest ride-hailing market.

According to co-founder and co-CEO Ladi Delano, the acquisition is projected to boost Moove’s annual revenue to USD 275 M, up from USD 115 M ARR in March 2023. It also expands Moove’s global footprint to 36,000 cars in 19 cities across six continents, solidifying its ambition to build the world’s largest rideshare fleet.

Kovi, a fellow Y Combinator alumnus founded in 2018, specialises in vehicle financing solutions for drivers in Brazil and Mexico. Following the deal, Kovi will continue to operate under its brand with its existing leadership team. Moove, which recently launched in Colombia and Mexico, plans further expansion in Latin America.

“This acquisition is a game-changer,” said Moove co-founder and co-CEO Ladi Delano. “Kovi is one of the top two players in Brazil, and now we’ve secured a dominant position in Latin America’s largest market.”

Beyond fleet expansion, Moove sees strategic value in Kovi’s AI-driven technology, which will enhance Moove’s AI mobility strategy across fleet management, ride-hailing, and autonomous vehicle operations. The company recently partnered with Waymo to deploy driverless fleets in the U.S.

Since launching in 2019, Moove has raised over USD 500 M in debt and equity, including a USD 100 M Uber-led Series B at a USD 750 M valuation. While Delano, who co-founded and co-runs Moove with Jide Odunsi, declined to comment on new fundraising efforts, he emphasised that Moove is focusing on profitability and scaling its operations in 2025.