Moove Gains Instant Latin America Scale

Buying Kovi turned Moove from a fast growing regional lender into a multi continent fleet owner with instant scale in Latin America. Instead of entering Brazil and Mexico city by city, vehicle by vehicle, Moove got an operating business with 36,000 vehicles globally after close, local maintenance and underwriting systems, and live driver relationships in two of Uber's fastest growing markets.

• This matters because Moove makes money from weekly vehicle payments. More cars on the road means more recurring deductions from driver earnings, so adding Kovi's fleet lifted annual recurring revenue to about $275M at the time of the deal and helped set up the later move to $400M ARR by June 2025.
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• Kovi did not just add geography. It also brought software for tracking vehicles and driver behavior, which is core to this business. These fleets are not passive rentals. The operator has to score drivers, monitor utilization, manage repairs, and repossess or redeploy vehicles when drivers churn.
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• The closest Latin American comparison is Mottu. Mottu built a large two wheeler fleet for couriers in Brazil and Mexico, while Moove and Kovi focus on four wheeled vehicles for ride hailing drivers. The common pattern is that whoever owns the vehicle supply can become hard to dislodge from the local gig work stack.
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The next phase is using this larger Latin American base as a template. If Moove can keep bundling financing, maintenance, insurance, and fleet operations across Brazil, Mexico, Africa, India, and autonomous fleets with Waymo, it starts to look less like a niche lender and more like the operating layer behind global mobility supply.