Moove collaborates with Swvl for EV buses in the Middle East, North Africa & Pakista

Swvl, Inc. (“Swvl”), a global provider of transformative tech-enabled mass transit solutions, and Moove, the world’s first mobility fintech, announced today a collaboration to scale Moove’s revenue-based vehicle financing model across the MENAP (Middle East, North Africa, and Pakistan) region and expand vehicle classes to include electric buses. The collaboration comes on the heels of Moove’s recent $105 million Series A2 investment.

The agreement will provide mobility entrepreneurs on Swvl’s platform with access to a variety of brand-new buses, beginning with an initial launch of 500 buses and aiming to build up significantly. The $1 trillion global mass transportation market offers a significant opportunity for mobility entrepreneurs to own their vehicles and increase their earning potential.

Prospective drivers will be able to work towards owning their buses by paying a percentage of their weekly income through Moove’s two product offerings: Drive-To-Own (DTO), which allows 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 financing at least 60% of all automobiles that are electric or hybrid. Moove received the IFC’s 2021 Annual Corporate Award as one of the top 20 most influential and transformational projects, applying an innovative and scalable solution to a global problem, as a result of its dedication to addressing the climate catastrophe.

Swvl, powered by cutting-edge technology, provides dependable, convenient, safe, and economical transportation options to underserved communities. By incorporating Moove’s proprietary credit-scoring system into Swvl’s platform, both firms hope to bring more drivers and cars to Swvl’s platform, enabling new bus routes to be created and increasing predicted profits for drivers.

Swvl Founder and CEO Mostafa Kandil stated, “Moove’s unique approach to democratizing vehicle ownership through access to financing fully coincides with our objective at Swvl.” We are able to pursue our mission of empowering underprivileged areas with safe, efficient, and cost-effective mobility solutions at scale thanks to this relationship.”

“Forming new collaborations with strategic partners has always been a crucial driver of growth for us, which is why we are happy to be Swvl’s chosen mega fleet partner in MENAP,” said Ladi Delano, co-Founder and co-CEO of Moove. Beginning with Cairo, our seventh market, this is an exciting time for Moove because the MENAP region offers untapped prospects, and as a result of this cooperation, we have now moved into urban transportation and the bus vehicle class. Moove’s growth has been exponential, with 50% monthly growth since launch, and we are delighted to expand our platform to service more mobility entrepreneurs while leading the way in the electrification of mobility fleets in markets throughout the world.”

Swvl CFO Youssef Salem stated, “Electrification is critical to Swvl’s aim of significantly decreasing emissions through a mix of increased ride sharing and vehicle economy.” Today’s collaboration with Moove, a company that shares our commitment to empowering communities and caring for our planet, expands economic prospects for thousands of captains while moving to lower-emission fleets. This collaboration is the most recent example of us acting on opportunities that improve economics for our stakeholders, safeguard the environment, and diversify and extend supply in our marketplace. We will continue to explore projects that are key to our value proposition for sustainable transportation.”

Moove, founded in 2020 by serial entrepreneurs Ladi Delano and Jide Odunsi, is a mission-driven firm dedicated to providing cheap vehicle financing to mobility entrepreneurs and ensuring that 50 percent of its customers are women. As part of its commitment to improving road safety and vehicle emissions on Africa’s roadways, the corporation also intends to ensure that at least 60% of the vehicles it finances are electric or hybrid vehicles. Moove-financed vehicles have performed over 3 million rides covering more than 25 million kilometers throughout six African markets, including Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan.