MENA – Egypt’s on-demand bus-hailing company Swvl has partnered with African fintech mobility startup Moove to scale Moove’s revenue-based vehicle financing model across the MENAP (Middle East, North Africa, and Pakistan) region.
The partnership follows Moove’s recent US$105 million series A2 round and will also see the two expand vehicle classes to include electric buses.
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 US$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.
The mobility fintech offers Drive-To-Own (DTO), which enables drivers to work towards ownership of their vehicles in 48 months, and Flexi-Rental, an entry-level weekly rental option for drivers who may not yet qualify for DTO.
The mobility fintech 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 dependable, 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.
“Moove’s unique approach to democratizing vehicle ownership by providing access to financing perfectly aligns with our mission at Swvl,” said Mostafa Kandil, Swvl Founder and CEO.
“Through this partnership, we are able to further our mission of empowering underserved communities with safe, efficient, and cost-effective mobility solutions at scale.”
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.
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.
The 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.
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