Moove, an Uber-backed mobility fintech, has acquired Brazilian urban mobility provider Kovi in an all-share transaction, enhancing its annual revenue to $275 million and strengthening its presence in the Latin American rideshare market.

Target Information

Moove, a mobility fintech backed by Uber, has strategically acquired Kovi, an urban mobility provider based in Brazil. This acquisition marks a significant expansion for Moove, which specializes in offering vehicle financing to drivers of ride-hailing and delivery apps across six continents. The value of the all-share transaction remains undisclosed, but it positions Kovi as a wholly owned subsidiary of Moove, enhancing the latter's growth trajectory in the Latin American market.

Kovi was founded in 2018 and has been backed by prominent investors such as Y Combinator and others. Its mission has been to make vehicle ownership more accessible for drivers in Brazil, aligning with Moove's objective of offering innovative financing solutions to rideshare drivers. Following the acquisition, Kovi is set to continue its operations under its established brand, with its operational and management structures remaining in place.

Industry Overview in Brazil

The Brazilian mobility market is characterized by a rapidly growing demand for rideshare services, making it one of the largest in Latin America. With a burgeoning middle class and increased smartphone penetration, the adoption of ride-hailing se