In a calculated move to increase its presence in the Latin American market, the Nigerian mobility fintech startup Moove, which democratizes access to car ownership for mobility entrepreneurs, has purchased the Brazilian mobility venture Kovi.
In order to provide mobility entrepreneurs with equitable, easily accessible, and reasonably priced revenue-based car financing options, Moove was founded in 2020. It integrates its alternative credit scoring technology into ride-hailing platforms and uses revenue and performance analytics that are exclusive to the company to underwrite clients who were previously denied access to financial services.
According to media reports, the company raised $100 million in a Series B funding round in March, bringing its total capital raised to over US $460 million and valuing it at US $750 million.
To date, 20,000 customers have driven more than 30 million miles in Moove-financed vehicles, which are currently available in nine markets throughout Africa, the Middle East, Europe, and Asia. With its recent entry into the US market in collaboration with Waymo, it continues to grow quickly. By purchasing Kovi, a São Paulo-based provider of urban mobility, it has also set its sights on Latin America.
By using cutting-edge technology and financial solutions, Kovi, which was founded in 2018, has become a trailblazing force in lowering the barrier to car ownership and increasing its efficiency. Since its founding, Kovi has shown remarkable growth, amassing a strong fleet and a strong presence in Brazil and Mexico.
Moove’s dedication to improving mobility and growing its presence in the quickly expanding Latin American market is in line with the strategic acquisition. It expands its operations to 19 cities on six continents and its global fleet to 36,000 vehicles. Kovi’s cutting-edge driver behavior algorithm and proprietary IoT software enhance Moove’s current emphasis on efficiency and safety while fortifying Moove’s AI mobility strategy.
“Kovi has built an impressive business with a robust presence in Brazil, one of the most dynamic mobility markets in the world. We’re thrilled to welcome them to the Moove family. 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. Kovi’s proprietary IoT software and advanced driver behaviour models complement our existing capabilities, supporting our focus on safety, efficiency, and innovation in AI mobility,” Ladi Delano, co-founder and co-CEO of Moove, said.
