Rollout of electric vehicles further enhances
Swvl's efforts to cut emissions by maximizing vehicle
sharing
Provides mobility entrepreneurs the
opportunity to own their vehicles and maximize their
earnings
Agreement marks Swvl's second financial
services partnership since the segment launch earlier this year and
Moove's seventh strategic partnership with mobility and logistics
platforms since its 2020 launch
DUBAI, UAE, March 28,
2022 /PRNewswire/ -- Swvl, Inc. ("Swvl"), a global
provider of transformative tech-enabled mass transit solutions, and
Moove, the world's first mobility fintech, today announced that
they have entered into a partnership to scale Moove's revenue-based
vehicle financing model across the MENAP (Middle East, North
Africa, and Pakistan)
region, as well as expand vehicle classes to include electric
buses. The partnership follows Moove's recent $105 million Series A2 round.
Starting with an initial rollout of 500 buses, with the goal to
scale up substantially, the partnership will enable mobility
entrepreneurs on Swvl's platform to access a range of brand-new
buses. The $1 trillion global mass
transit industry presents a sizeable opportunity for mobility
entrepreneurs to own their vehicles and strengthen their earning
potential. By paying a percentage of their weekly income,
prospective drivers will have the ability to work towards owning
their buses through Moove's two product offerings:
Drive-To-Own (DTO), which enables drivers to
work towards ownership of their vehicles in 48 months, or
Flexi-Rental, an entry-level weekly rental option for
drivers who may not yet qualify for DTO.
Moove is committed to ensuring that at least 60% of the vehicles
it finances are electric or hybrid. This commitment to tackling the
climate crisis saw Moove being awarded the IFC's 2021 Annual
Corporate Award as one of the top 20 most impactful and
transformational projects, applying an innovative and scalable
solution towards a global problem.
Powered by cutting-edge technology, Swvl empowers underserved
communities with transportation solutions that are reliable,
convenient, safe and affordable. By leveraging Moove's unique
credit-scoring technology onto Swvl's platform, both companies aim
to add more drivers and vehicles to Swvl's platform in order to
enable more bus route creation and increase expected earnings for
drivers.
Mostafa Kandil, Swvl Founder
and CEO, said, "Moove's unique approach to democratizing
vehicle ownership by providing access to financing perfectly aligns
with our mission at Swvl. Through this partnership, we areable to
further our mission of empowering underserved communities with
safe, efficient and cost-effective mobility solutions at
scale."
Ladi Delano, co-Founder and
co-CEO of Moove, said, "Forming new partnerships with strategic
partners has always been a key driver of growth for us, which is
why we are thrilled to be Swvl's preferred mega fleet partner in
MENAP. Starting with Cairo, our
seventh market, this is an exciting time for Moove as the MENAP
region presents opportunities that remain untapped and, by virtue
of this partnership, we have now expanded into urban transportation
and the bus vehicle class. With a 50% monthly increase since
launch, the growth at Moove has been exponential and we are excited
to expand our platform to serve more mobility entrepreneurs whilst
leading the way in the electrification of mobility fleets in
markets across the world."
Youssef Salem, Swvl CFO,
said, "Electrification is integral to Swvl's mission of
substantially reducing emissions via a combination of increasing
ride sharing and vehicle efficiency. Today's partnership with
Moove, who shares our commitment to empower communities and care
for our planet, enhances economic opportunities for thousands of
captains while transitioning into lower emission fleets. This
partnership serves as the latest example of executing on
opportunities which enhance economics for our stakeholders, protect
the environment and diversify and expand supply for our
marketplace. We will continue to pursue further initiatives which
are core to our sustainable mobility value proposition."
Moove, launched in 2020 by serial entrepreneurs Ladi Delano and Jide
Odunsi, is a mission-led company committed to providing
mobility entrepreneurs access to affordable vehicle financing and
ensuring that 50% of its customers are women. The company also aims
to ensure that at least 60% of the vehicles it finances are
electric or hybrid vehicles as part of its commitment to improving
road safety and vehicle emissions on Africa's roads. A leader in the mobility
fintech space across Africa,
Moove-financed vehicles have completed over 3 million rides
covering more than 25 million kilometers across 6 markets,
including Lagos, Accra, Johannesburg, Cape
Town, Nairobi and
Ibadan.
About Swvl
Swvl is a global provider of transformative tech-enabled mass
transit solutions, offering intercity, intracity, B2B and B2G
transportation across >100 cities in >20 countries. The
Company's platform provides complimentary semi-private alternatives
to public transportation for individuals who cannot access or
afford private options. Every day, Swvl's parallel mass transit
systems are empowering individuals to go where they want, when they
want – making mobility safer, more efficient, accessible, and
environmentally friendly. Customers can book their rides on an
easy-to-use proprietary app with varied payment options and 24 / 7
access to high-quality private buses and vans.
Swvl was co-founded by Mostafa
Kandil, who launched Carmudi in the Philippines, which became the largest car
classifieds platform in the country in just six months. He then
served as Rocket Internet's Head of Operations. In 2016, Kandil
joined Careem, a ride-sharing company and the first unicorn in the
Middle East, where he launched
services in multiple new markets.
For additional information about Swvl, please visit
www.swvl.com.
About Moove
Moove is a Nigerian-born global start-up and the world's first
mobility fintech, providing revenue-based vehicle financing and
financial services to mobility entrepreneurs. By embedding its
alternative credit scoring technology onto ride-hailing,
e-logistics and instant delivery platforms, Moove can use
proprietary performance and revenue analytics to underwrite loans
to drivers that have previously been excluded from financial
services. Over 3 million rides have been completed in
Moove-financed vehicles across six markets (Lagos, Accra,
Johannesburg, Cape Town, Nairobi and Ibadan) and three product
categories (cars, trucks and motorbikes). With a commitment to
ensuring at least 60% of its fleet is hybrid and electric vehicles
and that 50% of its riders are women, Moove is putting impact at
the core of its growth.
To learn more about Moove and its mission to democratize vehicle
ownership across Africa, visit
www.moove.africa.
Contacts
Moove Media Contact
Shenelle
Barker
moove@wimbart.com
Moove Investor Contact
Tingting Peng
Head of Capital & ESG
tingting.peng@moove.africa
Swvl Media Contact
Daniel
Yunger
Kekst CNC
kekst-swvl@kekstcnc.com
917-574-8582
Swvl Investor Contact
Youssef
Salem
Swvl CFO
Investor.relations@swvl.com
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SOURCE Swvl Inc.
