Moove Acquires Kovi to Expand Urban Mobility Services in Latin America
Moove, a Nigeria-founded mobility fintech company backed by Uber, has acquired Brazil-based urban mobility provider Kovi to strengthen its presence in Latin America. The acquisition, finalized in January 2025, is an all-share transaction, with Kovi now wholly owned by Moove.
Founded in 2020, Moove offers vehicle financing solutions for drivers in the ride-hailing and delivery sectors, enabling them to purchase vehicles and generate income. Initially launched in Nigeria, Moove is now headquartered in Dubai, operating in 19 cities across six continents with a fleet exceeding 36,000 vehicles.
Kovi, established in 2018, provides flexible vehicle rental and financing options for gig economy workers in Brazil and Mexico, facilitating access to app-based driving opportunities. The company’s proprietary Internet of Things (IoT) software and advanced driver behavior algorithms will enhance Moove’s existing capabilities, particularly in safety and efficiency.
Ladi Delano, co-founder and co-CEO of Moove, stated, “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.”
Adhemar Milani Neto, CEO of Kovi, expressed enthusiasm about the partnership, noting, “Together, I believe we will become a truly global category-defining business and will leverage scale and deep expertise never seen in our market.”
This acquisition is projected to increase Moove’s annual recurring revenue to $275 million, solidifying its financial position in the competitive mobility sector.
Additionally, Moove’s global operations now span 19 cities across six continents, further establishing its role as a leading rideshare fleet operator.
The completion of this transaction is subject to customary closing conditions, including approval from the Brazilian antitrust authority.
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