Moove, the Uber-backed mobility fintech, has just made a big move by snapping up Brazil’s Kovi in an all-share deal. While the exact price tag isn’t being shared, this acquisition is a major milestone for Moove, pushing its annual revenue to a whopping $275 million—a huge leap from the $115 million it reported last March.

Moove, which got its start in Africa, is all about helping gig drivers—like those for ride-hailing and delivery apps—get financing for vehicles. With this latest deal, the company is taking a giant step toward its goal of building the world’s largest ride-share fleet. What began with just 76 cars in Lagos, Nigeria, in 2020 has now grown to 36,000 vehicles across 19 cities on six continents. And it looks like Latin America is becoming a key focus, especially with Kovi’s strong presence in Brazil, the region’s biggest ride-hail market.

Kovi, founded in 2018, has been tackling the same challenge as Moove: making vehicle ownership more accessible for ride-share drivers. After the acquisition, Kovi will keep its brand and leadership team in Brazil and Mexico, but Moove has big plans to expand further across Latin America. The company has already started operations in three cities in Colombia and Mexico, and this deal solidifies its footprint in the region.

Moove’s co-CEO, Ladi Delano, shared his excitement about teaming up with Kovi, calling it a “fantastic team of like-minded individuals” tackling a problem Moove first addressed in Nigeria. He highlighted that this not only strengthens Moove’s position in Latin America but also puts it in the top two in Brazil’s massive market.

The deal is also a tech win for Moove. Kovi’s proprietary algorithms and systems will help Moove enhance its AI-driven mobility strategy, which includes everything from improving traditional ride-hailing services to managing fleets more efficiently.

While Kovi’s financial health before the deal remains unclear, the company had previously raised $104 million in a 2021 funding round. Now, its investors are becoming shareholders in Moove, aligning the growth paths of both companies.

Moove isn’t stopping here. With plans to expand and focus on profitability this year, the fintech is on track to become a major player in the global mobility industry. Stay tuned to see how this story unfolds!