Uber-Backed Moove Accelerates Latin American Expansion with Kovi Acquisition, Boosting ARR to $275 Million
Moove, backed by Uber, acquires Kovi, raising ARR to $275M and expanding its ride-hailing fleet in Latin America.
Matilda
Uber-Backed Moove Accelerates Latin American Expansion with Kovi Acquisition, Boosting ARR to $275 Million
Moove, the Uber-backed mobility fintech revolutionizing vehicle financing for ride-hailing and delivery drivers, has strategically acquired Kovi, a leading Brazilian urban mobility provider. This all-share transaction propels Moove's annual recurring revenue (ARR) to an impressive $275 million, marking a significant milestone in its global expansion strategy. This acquisition, following Moove's recent partnership with Waymo to facilitate driverless vehicle fleet operations in the US, underscores the company's ambitious vision to establish the world's largest ride-sharing fleet. From its modest beginnings with 76 cars in Lagos, Nigeria, in 2020, Moove's fleet has surged to 36,000 vehicles operating across 19 cities and six continents. Latin America has emerged as a key growth market, and the Kovi acquisition solidifies Moove's presence in the region, particularly in Brazil, the largest ride-hailing market. A Synergistic Partnership: Addressing the Financing Gap …
