Moove, a Nigeria-based fintech company that provides access to car ownership for entrepreneurs, has acquired Kovi, a Brazilian mobility venture, to expand its presence in Latin America.
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.
Currently operating in nine locations in Africa, the Middle East, Europe, and Asia, 20,000 customers have utilized Moove-financed automobiles on more than 30 million trips. It recently entered the US market in collaboration with Waymo and is currently growing quickly. By acquiring Kovi, a São Paulo-based urban mobility service, it has its sights set on Latin America as well.
Since its founding in 2018, Kovi has emerged as a leader in utilizing cutting-edge financial and technological solutions to make car ownership more efficient and accessible. Since its founding, Kovi has grown significantly, establishing a strong presence in Brazil and Mexico and a powerful fleet.
Moove’s dedication to improving mobility and strengthening its presence in the quickly rising Latin American market is in line with the strategic purchase. It expands its operations to 19 locations 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 behavior 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.
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