Moove, a mobility fintech backed by Uber, has acquired the Brazilian urban mobility provider Kovi in an all-share deal, significantly boosting its annual revenue to $275 million. Founded in 2020 in Nigeria, Moove has expanded rapidly, now managing a fleet of 36,000 cars across six continents. This acquisition strengthens Moove's presence in Latin America, particularly in Brazil, the largest ride-hail market in the region. Kovi, founded in 2018, will continue operating under its brand, with plans for further expansion in Latin America as the two companies share a mutual goal of providing financing solutions for ride-share drivers.
"We're incredibly excited about working with a fantastic team of like-minded individuals at Kovi who set up this business to address a similar problem that we face in the mobility fintech space."
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