Nigeria-founded mobility fintech company Moove, which democratises access to vehicle ownership for mobility entrepreneurs, has acquired Brazilian mobility venture of Kovi in a strategic move aimed at expanding its footprint in the Latin American market.
Founded in 2020 to connect mobility entrepreneurs with fair, accessible, and affordable revenue-based vehicle financing options, Moove embeds its alternative credit scoring technology onto ride-hailing platforms, using proprietary performance and revenue analytics to underwrite customers that have previously been excluded from financial services.
Disrupt Africa reported in March the company had raised US$100 million in a Series B funding round that takes total raised capital to over US$460 million and values the company at US$750 million.
Now operating in nine markets across Africa, Middle East, Europe and Asia, 20,000 customers have completed more than 30 million trips in Moove-financed vehicles to date. It is still rapidly expanding, having recently moved into the US market in partnership with Waymo. It also has its sights set on Latin America, via its acquisition of Kovi, an urban mobility provider headquartered in São Paulo.
Founded in 2018, Kovi has established itself as a pioneering force in making car ownership more accessible and efficient through innovative technology and financial solutions. With a robust fleet and a strong presence in Brazil and Mexico, Kovi has demonstrated impressive growth since inception.
The strategic acquisition aligns with Moove’s commitment to advancing mobility and expanding its footprint in the rapidly growing Latin American market. It increases its total global fleet to 36,000 vehicles and operations to 19 cities across six continents. Kovi’s proprietary IoT software and advanced driver behaviour algorithm complement Moove’s existing focus on safety and efficiency, and will strengthen Moove’s AI mobility strategy.
“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,” Ladi Delano, co-founder and co-CEO of Moove, said.
