Moove, marketed as an “African-born, global mobility fintech,” has announced an acquisition.
The company, founded in Nigeria by Ladi Delano and Jide Odunsi, enables delivery drivers to finance vehicles and start driving with partners like Uber in three simple steps: apply, get verified, and drive. TechCrunch notes that Moove launched with 76 cars in Lagos in 2020 and has expanded to 36,000 cars. Per the company’s website, over 52,787,109 trips have been completed. Additionally, it is available in 19 cities across six continents.
Over the years, Moove has secured significant funding. In 2023, $8 million had been by Absa Corporate and Investment Banking to reach Ghana, bringing its total investment from the bank to $28 million, Fintech Global reports.
In March 2024, $100 million had been raised in a Series B round led by Uber to further its expansion, TechCrunch mentioned.
The company has also attached a sustainability mission to its business model, seeking to create “the largest and most productive hybrid and EV fleet in the world,” its website mentions. Taking steps towards fulfilling its goal, it has acquired Kovi, an Uber-backed Brazilian mobility provider, per TechCrunch. As a result, Moove’s annual revenue has reached $275 million.
“We’re incredibly excited about working with a fantastic team of like-minded individuals at Kovi who set up this business to address a similar problem that we found in Nigeria,” he remarked. “Kovi is one of the top two players in Brazil. So we have not just entered or strengthened our presence in the Latin American market but also put ourselves in a top two position in the largest single market in Latin America through this acquisition.”
Kovi CEO Adhemar Milan commented:
“I met the founders [Moove’s Delano and Jide Odunsi] 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.”
