Kovi
“Can a Latin American no-credit-check car rental platform become the default financial gateway for ride-hailing drivers who are locked out of traditional auto financing?”
Founded2018
HQSão Paulo, Brazil
Total raised~$204.7M
Latest roundSeries B, 2021
IndustryMarketplace / Mobility
The story
Founded in 2018 to serve Latin American ride-hailing drivers who cannot afford to own a vehicle, Kovi built an asset-light car rental platform for Uber/99/inDrive drivers with no credit check required. After scaling across Brazil and Mexico with over $200M raised, the company was acquired and now operates as a subsidiary of Moove Vehicle Limited. Its embedded-finance surface is limited: PIX and boleto collections for weekly rentals, an internal 'Kovi Próprio' rent-to-own program, but no card issuance, banking, or third-party BaaS tooling is publicly disclosed.
Product timeline
2018
Founded in São Paulo by two former 99 executives to rent cars to ride-hailing drivers· pivot
2019
$30M Series A led by Global Founders Capital· banking
2021
$104M Series B co-led by Valor Capital Group and Prosus Ventures; expansion in LatAm· banking
2024
Acquired / merged into Moove (Moove Vehicle Limited becomes parent)· acquisition
The stack
2 layers disclosed in Kovi’s embedded-finance stack
Money movement
Lending
in the full report
Accounting gap: none
5 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.