Nigerian mobility fintech startup Moove has acquired Kovi, a car rental startup in Brazil, in an all-stock transaction. This strategic move marks a significant expansion of Moove's ride-hailing services in Latin America, the largest ride-hailing market in the region.

The acquisition brings together two innovative companies, with Kovi's proprietary technology and algorithms set to complement and strengthen Moove's existing AI mobility strategy. According to Moove's co-founder and co-CEO Ladi Delano, this integration will enable the company to deliver an improved service and product to its customers worldwide.

Kovi's investors, including Accel, Spectra Investments, Valor Capital, Prosus Ventures, and Quona Capital, will become shareholders in Moove as a result of the deal. Moove has raised around $500 million in debt and equity from investors like Uber, Mubadala, BlackRock, Franklin Templeton, Janus Henderson, and the International Finance Corporation (IFC). The company was valued at $750 million in an Uber-led Series B funding round, where it raised $100 million.

The acquisition is a key milestone in Moove's global expansion, which currently operates in 19 cities across six continents. The company aims to build the world's largest ride-share fleet outside of Africa, with its fleet now growing to 36,000 cars. Moove's annual revenue is expected to increase to $275 million following the deal.

Kovi's CEO Adhemar Milani Neto expressed enthusiasm about the acquisition, highlighting the alignment of the two companies' purpose-driven approaches. He believes that together, they will become a truly global category-defining business, leveraging scale and deep expertise never seen in the market.

This strategic move is expected to have significant implications for the ride-hailing industry, as Moove continues to expand its presence in Latin America. The company already operates in Colombia and Mexico, and the acquisition of Kovi will further solidify its position in the region.

As Moove continues to grow and innovate, its AI mobility strategy is expected to play a critical role in optimizing its ride-hailing services and improving fleet management. The company's commitment to building a global ride-share fleet outside of Africa is likely to have a profound impact on the industry, as it continues to push boundaries and redefine the future of mobility.