Wealth Creators

Moove Acquires Kovi to Expand Ride-Hailing Fleet in Latin America

The deal follows Moove’s recent partnership with Waymo to provide autonomous vehicle fleet operations in Phoenix and Miami. The company has raised over $500 million in funding and aims to build the world’s largest ride-hailing fleet.

Uber-backed mobility fintech Moove has acquired Brazilian urban mobility provider Kovi in an all-share deal, consolidating its presence in Latin America’s ride-hailing market. The acquisition boosts Moove’s annual revenue to $275 million, up from $115 million last year.

Kovi, founded in 2018 and backed by Y Combinator, provides vehicle financing for rideshare drivers in Brazil and Mexico. It will continue operating under its brand, with its management team remaining in place, pending approval from Brazil’s antitrust authority.

Moove, which started in Lagos in 2020 with 76 cars, now operates 36,000 vehicles across 19 cities on six continents. The acquisition strengthens Moove’s AI-driven mobility strategy, integrating Kovi’s proprietary technology to optimize fleet management.

The deal follows Moove’s recent partnership with Waymo to provide autonomous vehicle fleet operations in Phoenix and Miami. The company has raised over $500 million in funding and aims to build the world’s largest ride-hailing fleet.

Key Takeaways

Moove’s acquisition of Kovi underscores a growing trend in mobility fintech—consolidation to scale fleet operations and financing solutions. As ride-hailing platforms seek to expand, companies like Moove are bridging the financing gap for drivers who lack vehicle ownership options.

The deal gives Moove a major foothold in Brazil, Latin America’s largest ride-hailing market while complementing its existing expansion in Colombia and Mexico. With Kovi’s proprietary technology, Moove aims to enhance AI-driven fleet management and optimize operations.

Moove’s strategy aligns with a broader industry shift towards asset-heavy mobility models. While competitors focus on software, Moove integrates vehicle financing with traditional ride-hailing and emerging autonomous vehicle operations. Its recent Waymo partnership signals its interest in AI-driven fleet deployment.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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