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Uber-backed mobility fintech Moove acquires Brazil’s Kovi, takes ARR to $275M
Moove, which offers vehicle financing to gig drivers across six continents, has acquired Kovi, a Brazilian urban mobility provider, in an all-share transaction.
According to the chief executive, Kovi’s proprietary technology and algorithms will “complement and strengthen our existing move AI mobility strategy and ensure that we can start to deliver an improved service and product to our customers around the world.” “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. The mobility fintech has secured over $500 million in debt and equity from backers like Mubadala, BlackRock, Franklin Templeton, Janus Henderson, and the IFC (World Bank) since its launch five years ago.
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