Swvl, Inc. providers of transformative tech-enabled mass transit solutions, and Moove, a mobility have entered into a partnership to scale Moove’s revenue-based vehicle financing model across the Middle East, North Africa, and Pakistan (MENAP) region, as well as expand vehicle classes to include electric buses.
The agreement will enable mobility entrepreneurs on Swvl’s platform to access a range of brand-new buses, starting with an initial launch of 500 buses and scaling up significantly. The $1 trillion global mass transportation market offers mobility entrepreneurs a significant opportunity to own their vehicles and increase their income potential.
The exclusive five-year partnership follows Moove’s recent $105 million Series A2 round as the company marks its seventh strategic partnership with ride-hailing and e-logistics platforms since its launch in 2020
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,”
Swvl is also able to promote its purpose of empowering underprivileged areas with safe, efficient, and cost-effective transportation solutions at scale, according to Kandil.
Ladi Delano, co-Founder, and co-CEO of Moove said that forming new partnerships have been a key driver of growth for Moove as the MENAP region presents opportunities that remain untapped starting with Cairo.
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“By virtue of this partnership, we have now expanded into urban transportation and the bus vehicle class. With 50% monthly growth 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,” Delano said.
Moove has ensured 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 to 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.
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.
He went on to say that this partnership is the latest example of pursuing opportunities that benefit stakeholders, safeguard the environment, and diversify and extend supply in their marketplace.
“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,” Salem added.
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.
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