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
We’re excited to announce our newest partnership with SWVL. Swvl, Inc. (“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, and today we announce our partnership to scale into the MENAP (Middle East, North Africa, and Pakistan) region, as well as expand vehicle classes to include electric buses. This follows our recent $105 million Series A2 round.
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. Powered by cutting-edge technology, Swvl empowers underserved communities with transportation solutions that are reliable, convenient, safe and affordable.
By leveraging our 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. 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 our 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.
We are committed to ensuring that at least 60% of the vehicles we finance are electric or hybrid, and this partnership allows us to advance toward that goal. Our team members Jide Odunsi, Ladi Delano, Caroline Hazlehurst, and Johnathan Moore deserve special recognition for their contributions to making this partnership possible.
For comments from key team members from Swvl and Moove read more.