Nigerian fintech Moove acquired Brazilian counterpart Kovi through a share transaction with undisclosed terms.
Moove provides vehicle financing and leasing to drivers in emerging markets, supporting mobility services across Africa, Europe, and the Middle East.
Kovi enables gig workers in Brazil to access flexible leasing solutions for app-based driving, helping drivers get on the road faster without having to buy a vehicle outright.
The acquisition allows Moove to expand into Latin America and bring its vehicle financing expertise to the Brazilian market, integrating Kovi’s local knowledge, partnerships, and network.
“Kovi built an impressive business with a strong presence in Brazil, one of the most dynamic mobility markets in the world, and this transaction strengthens our position as one of the leading global players in mobility,” said Ladi Delano, co-founder and co-CEO of Moove.
Kovi was part of Y Combinator‘s Winter 2019 batch, while Moove is backed by Uber. Combined, Moove and Kovi generated $275M in revenue in 2024, with a total fleet of over 36K cars.
Read more on Brazil Journal.