Moove, marketed as a “world mobility fintech born in African”, announced an acquisition.
The company, founded in Nigeria by Ladi Delano and Jide Odunsi, allows delivery drivers to finance vehicles and start driving with partners like Uber in three simple steps: apply, be checked and drive. Techcrunch notes that Moove launched with 76 cars in Lagos in 2020 and extended at 36,000 cars. By The company’s website, more than 52,787,109, trips have been completed. In addition, it is available in 19 cities on six continents.
Over the years, Moove has obtained a funding. In 2023, $ 8 million had been by Absa Corporate and Investment Banking to reach Ghana, carrying its Total Bank investment at $ 28 million, Fintech Global Reports.
In March 2024, $ 100 million had been collected in a series B led by Uber To continue its expansion, Techcrunch mentioned.
The company has also attached a sustainability mission to its business Model, seeking to create “the hybrid and most productive hybrid fleet in the world,” said his website. By taking measures to achieve his goal, he acquired Kovi, a Brazilian mobility supplier supported by Uber, by Techcrunch. As a result, Moove’s annual income reached $ 275 million.
“We are incredibly delighted to work with a fantastic team of people sharing the same ideas in Kovi who have implemented this company to solve a similar problem that we found in Nigeria,” he noted. “Kovi is one of the two best players in Brazil. We therefore not only entered or reinforced our presence on the Latin American market, but we also put ourselves in a position of the first two on the largest market in Latin America thanks to this acquisition. »»
Kovi CEO, Adhemar Milan, commented:
“I met the founders (Delano and Jide Odunsi) of Moove in several years ago when they set their business on the scale in Africa, and I was immediately impressed by their approach focused on the goal, Which also corresponds to our culture. Together, I believe that we will become a truly global category definition company and that we will take advantage of the scale and in -depth expertise ever seen on our market. »»