Moove, the pioneering mobility fintech startup, is enhancing its global influence thanks to the support of Uber by acquiring Kovi, a key Brazilian player in the sector. Founded in Nigeria by Ladi Delano and Jide Odunsi, Moove is revolutionizing vehicle financing for rideshare and delivery drivers in a few simple steps. With an already global presence spanning six continents and millions of trips completed, the company aims to create the largest fleet of hybrid and electric vehicles. This strategic acquisition propels Moove to the top of the Latin American market, increasing its annual revenue to $275 million, while supporting a sustainable and innovative mission.
Birth and rise of Moove in the mobility fintech sector
Founded in Nigeria by Ladi Delano and Jide Odunsi, Moove is an innovative startup that has reimagined how drivers can finance their vehicles for mobility solutions. Within just a few years, Moove, backed by the giant Uber, has established itself as a key player on the international stage. With a business model based on simplicity and efficiency, Moove offers drivers the opportunity to follow a three-step process: apply, get verified, and drive. This system has allowed the company to grow from 76 cars in Lagos in 2020 to no less than 36,000 vehicles on the road across six continents today. This success has been marked by numerous significant investments, including a $100 million funding round led by Uber in March 2024.
The strategic acquisition of Kovi and its impact
In a bold strategic move, Moove recently acquired Kovi, an urban mobility provider based in Brazil. This wise choice allows Moove to strengthen its position in the vibrant Latin American market. Kovi, one of the leading ridesharing players in Brazil, represents a major advancement for Moove in one of the region’s largest markets. This acquisition has enabled Moove to increase its annual revenue to $275 million, thereby establishing a strong presence in the region and claiming a leading market share. Moove optimally consolidates its growth strategy while expanding its global footprint through this new synergy.
Vision of sustainability and innovation for the future
The integration of sustainability principles is at the core of Moove’s business model. With the ambition to create the largest and most efficient fleet of hybrid and electric vehicles, Moove is committed to providing greener transport options and positively contributing to the environment. This sustainability mission not only aligns the company with current ethical needs but also positions it as a leader in innovation within the sector. The acquisition of Kovi marks a significant step toward this goal, with high potential to propel Moove to the forefront of global sustainable mobility solutions.
