African-born Moove Goes Global with Brazil’s Kovi Acquisition
Moove, the African mobility fintech company offering revenue-based vehicle financing, ride-hailing and delivery apps across Africa, has acquired Kovi, an urban mobility startup based in São Paulo.
Why does this matter: This acquisition aligns with Moove’s ambitious plan to expand into high-growth markets beyond Africa following its Series B fundraising of $100 million. The Latin American markets offer substantial opportunities for further expansion, positioning Moove to become a global provider of ride-sharing financial services.
The deal also reflects a growing trend among African companies to venture beyond their home countries. Companies like Access Bank, MTN, Dangote Industries, and Flutterwave have successfully increased their regional and global footprints from their home countries.
The bottom line: Although Africa remains a considerable market, diversifying revenue streams, mitigating country-specific risks, and enhancing market share will encourage more African companies to grow their operations in new regions and markets. More African startups need to capitalise on their technological innovations as scalable assets to provide solutions targeted at global markets, particularly in light of the opportunities presented by artificial intelligence.
