British-nigerian Entrepreneur Ladi Delano's Startup Acquires Brazil's Mobility Provider Kovi
- Moove acquires Brazils Kovi, expanding its global fleet to 36,000 vehicles across six continents and strengthening its AI-driven mobility finance strategy.
- The deal enhances Mooves presence in Latin America, integrating Kovis IoT and driver analytics into its vehicle financing and fleet management platform.
- Moove, backed by Uber and Mubadala, continues global expansion after securing 100 million in Series B funding and entering Mexico in October 2024.
Moove, the global mobility fintech firm led by British-Nigerian entrepreneur Ladi Delano, has acquired Brazilian mobility provider Kovi, reinforcing its push into Latin America and expanding its presence in high-growth markets worldwide.
The deal, executed for an undisclosed amount , further strengthens Moove's fleet and technology-driven approach to vehicle financing and fleet management, with its annual recurring revenue ARR now surpassing 275 million on a consolidated basis.
Kovi, established in 2018, has become a prominent player in Brazil and Mexico, providing flexible vehicle access through a data-driven platform. With its proprietary IoT software and advanced driver behavior algorithms, Kovi's technology will complement Mooves AI-driven mobility strategy, enhancing safety, efficiency, and innovation.
As a result of the acquisition, Moove's fleet now spans 36,000 vehicles across 19 cities on six continents, solidifying its position as one of the largest fleet operators for ride-hailing services worldwide.
Moove acquires Kovi to expand mobilityKovi has built an impressive business with a robust presence in Brazil, one of the most dynamic mobility markets in the world, Delano, Mooves co-founder and co-CEO, said in a statement. 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. He emphasized that Kovis technology would enhance Mooves operations while supporting economic growth in Brazil.