Moove, a Netherlands-based fintech company focused on mobility, has acquired Kovi, an urban mobility startup headquartered in São Paulo, Brazil.
Established in 2018, Kovi provides vehicle rental and financing solutions for ride-hailing drivers, using its advanced technology and financial solutions.
The company operates a large fleet and presence in Brazil and Mexico, with a unique approach to driver support.
Moove said that Kovi’s data-driven vehicle management and user experience will complement its existing capabilities and provide superior services to its customers.
Also, the strategic acquisition aligns with its commitment to advancing mobility and expanding its footprint in the rapidly growing Latin American market.
The closing of the transaction is subject to customary closing conditions, including approval from the Brazilian antitrust authority.
Kovi CEO Adhemar Milani Neto said: “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.
“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.”
Established in 2020, Moove provides dedicated supply through Drive-to-Own, Taxi, and Autonomous fleets and continues to lead the transformation of mobility globally.
The acquisition is expected to enhance the Dutch fintech company’s total international fleet to 36,000 vehicles and operations to 19 cities across 6 continents.
It is expected to strengthen Moove’s position as a rideshare fleet operator.
Also, the acquisition would add Kovi’s in-house IoT software and advanced driver behaviour algorithm, which complement its existing focus on safety and efficiency.
Moove co-founder and co-CEO Ladi Delano said: “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.”
