Moove, a vehicle financing platform for rideshare and delivery drivers, has announced the acquisition of Kovi, a São Paulo-based urban mobility provider. This move underscores Moove’s expansion into Latin America’s rapidly growing market.
The acquisition boosts Moove’s global fleet to 36,000 vehicles and extends its operations to 19 cities across six continents. It also integrates Kovi’s proprietary IoT software and advanced driver behaviour algorithms, enhancing Moove’s focus on safety, efficiency, and AI-driven mobility innovation, according to a press release.
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Moove is headquartered in Lagos, Nigeria, and has offices in London and Bengaluru, India.
Ladi Delano, Co-Founder and Co-CEO of Moove, emphasised the significance of the deal, stating, “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.” He added that the acquisition “strengthens our footprint in Latin America and reinforces our position as a dominant player in global mobility.”
Founded in 2018, Kovi has become a pioneer in making car ownership more accessible through innovative technology and financial solutions. With a strong presence in Brazil and Mexico, Kovi brings significant value to Moove’s global operations. Adhemar Milani Neto, CEO of Kovi, expressed enthusiasm about the partnership, saying, “Together, I believe we will become a truly global category-defining business and will leverage scale and deep expertise never seen in our market.”
The transaction, subject to customary closing conditions including approval from the Brazilian antitrust authority, marks a pivotal step in Moove’s mission to transform mobility and drive economic growth in Latin America and beyond.
