Report gathered by YEPS News indicates that Moove, a Nigerian startup specializing in vehicle financing, has acquired Brazil-based car rental company Kovi as part of its global expansion strategy.
The acquisition, structured as an all-share deal, will see Moove issue its shares to Kovi’s shareholders instead of making cash payments. While the financial details were not disclosed, the move is expected to solidify Moove’s position among the top three global fleet operators and financiers of ride-hailing vehicles by revenue.
Founded in 2020 with just 76 cars in Lagos, YEPS News reports that Moove has since expanded its fleet to 36,000 vehicles across 19 cities worldwide. The acquisition strengthens its presence in Latin America, particularly in Brazil and Mexico—two emerging key markets for ride-hailing services.
The completion of the transaction is subject to regulatory approvals, including clearance from Brazil’s antitrust authorities.
Moove’s co-CEO, Ladi Delano, emphasized that Kovi’s proprietary IoT software and driver behavior algorithms complement Moove’s existing technology, enhancing safety and efficiency.
“We’re thrilled to welcome them to the Moove family. This transaction not only expands our footprint in Latin America and reinforces our position as a dominant player in global mobility, but it also demonstrates our commitment to contributing to the Brazilian economy,” Delano said.
YEPS News gathered that Kovi, founded in 2018, has been at the forefront of making car ownership more accessible and efficient through innovative technology and financial solutions.
Kovi’s CEO, Adhemar Neto, expressed confidence in the partnership, stating that Moove has successfully scaled its business globally with a strategic, purpose-driven approach.
“I met the founders many years back when they were expanding in Africa, and I was immediately impressed by their vision. Together, I believe we will become a truly global, category-defining business, leveraging scale and expertise never seen in our market. We are also excited to continue our expansion across Latin America with such strong partners,” Neto said.
In March 2024, YEPS News reports that Uber invested $100 million in Moove during a Series B funding round, boosting its valuation to $750 million. The funding round was led by Uber, with participation from Mubadala and other investors.