SWVL, a global tech startup led by tech entrepreneur Mostafa Kandil, and Moove, the world’s first mobility fintech founded by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, have collaborated to deliver electric vehicles across the Middle East, North Africa and Pakistan (MENAP).
The agreement comes nearly two weeks after Moove raised $105 million from institutional investors in an oversubscribed Series A2 round. Through the deal, entrepreneurs on Swvl’s platform will gain access to a fleet of brand-new buses.
Kandil, Swvl’s founder and CEO, said the partnership will allow Swvl to further its mission of providing underserved communities with safe, efficient and cost-effective mobility solutions at scale.
The strategic partnership will begin with an initial rollout of 500 buses, with the aim to significantly scale up as Moove seeks to expand its revenue-based vehicle financing model across the MENAP region, as well as to expand its vehicle classes to include EVs.
The collaboration will enable Moove to extract value from the $1-trillion global mass transit industry, creating a significant opportunity for mobility entrepreneurs to own their vehicles and increase their earning potential.
Prospective drivers will be able to work toward bus ownership through Moove’s two product offerings, which allow drivers to own a vehicle within 48 months, or flexi-rental, an entry-level weekly rental option for drivers who may not qualify for the drive-to-own scheme.
By incorporating Moove’s proprietary credit-scoring technology into Swvl’s platform, the companies hope to add more drivers and vehicles to Swvl’s platform, enabling more bus routes to be created and increasing expected earnings for drivers.
“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,” Delano, Moove co-founder and co-CEO, said.
“Starting with Cairo, our seventh market, this is an exciting time for Moove because the MENAP region presents untapped opportunities and, as a result of this partnership, we have now expanded into urban transportation and the bus vehicle class,” he added.