Nigerian mobility fintech, Moove acquires Brazilian mobility firm Kovi
- Moove, a Nigerian mobility fintech firm backed by Uber, has acquired Kovi, a Brazilian urban mobility provider
- Moove offers drive-to-own, taxi, and autonomous fleet services in addition to assisting mobility entrepreneurs in obtaining auto loans
- According to the fintech, the acquisition aligns with its objective of advancing mobility and expanding its footprint
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Kovi, a Brazilian urban mobility company, has been acquired by Moove, a Nigerian mobility fintech startup supported by Uber.
Source: Getty Images
Moove, which was founded in 2020, helps mobility entrepreneurs obtain auto loans and provides drive-to-own, taxi, and autonomous fleet services.
It stated in a statement on Tuesday that the acquisition is in line with its mission to promote mobility and increase its presence in the quickly developing Latin American market.
After the transaction, Moove stated that it now has 36,000 vehicles in its global fleet and plans to order at least 15,000 vehicles a year in all of its markets as part of its long-term strategy to satisfy rising demand.
The transaction's conclusion is subject to usual closing conditions, such as the Brazilian antitrust authority's permission, according to Moove.
Moove did not reveal the acquisition's value, but reports claimed it was an all-share purchase.
According to Moove, since the acquisition, the business has grown to 19 cities on six continents.
According to Ladi Delano, co-founder and co-CEO of Moove, Kovi's driver behavior models will enhance Moove's advancements in artificial intelligence (AI) mobility.
“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,” Delano said.
“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.”
Kovi CEO Adhemar Milani Neto also commented on the deal, stating that it will transform the company into a truly global business that defines its category, The Cable reported.
“Today, we stand at the forefront of a new era in mobility, and we believe that Moove has done a fantastic job at scaling their business on a global scale and with the right strategic angles,” Neto said.
“I met the founders many years back when they were scaling their business in Africa, and I was immediately impressed by their purpose-driven approach, which is also a perfect match to our culture.
“Together, I believe we will become a truly global category-defining business and will leverage scale and deep expertise never seen in our market. We are also excited to continue our expansion across LaTam now with robustness with such strong partners.”
Kovi conducts business in Mexico and Brazil.
A month before the acquisition, Moove had announced a collaboration with Waymo to offer driverless car fleet services in Phoenix and Miami, USA.
Earlier, the business announced the launch of its Cares Scheme to help ease the strain of subsidy removal on transport companies.
Moove secures N43.5 billion funding to scale across Africa
Legit.ng reported that Nigeria-based Africa mobility fintech firm, Moove has secured over N43 billion in new funding to give vehicle financing to drivers of ride-hail companies like Uber and gig networks in seven new frontiers across the Middle East, Africa, Asia and Europe in the next six months.
This comes after the startup got N4.15 billion in February and another N9.5 billion in August 2021 last year.
The company stated that the funds will give its freelancers in other vehicle categories like tricycles and buses the needed leverage to accelerate the businesses.
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Source: Legit.ng
