EGYPT – Concordium, a leading blockchain technology company, and Swvl, Inc., a provider of mass transit and shared mobility solutions, have announced a strategic agreement to construct revolutionary next generation mass transport systems for the first time.
Concordium will provide a blockchain-based technological platform with the goal of improving Swvl’s customers’ mass transit travel experience.
The platform is designed to aid in the resolution of the highly complex logistical difficulties inherent in mass transportation, while also boosting Swvl’s efforts toward decarbonization and smart, green mobility.
“Mass transit systems are inherently flawed, with inefficiencies that create significant barriers and cause daily commuting to be a struggle. Combining Concordium’s differentiated blockchain technology with Swvl’s cutting-edge mobility platform provides a seamless commuting experience that will change mass transit on a global scale,” Lone Fonss Schroder, Concordium’s chief executive, said.
Concordium’s platform is designed to give natural ebbs and flows in consumers’ travel needs may be detected more quickly and accurately and fed into evolving travel routes via Swvl’s dynamic routing capabilities, making trips faster and less expensive.
“Mass transit systems are inherently flawed, with inefficiencies that create significant barriers and cause daily commuting to be a struggle.”
Lone Fonss Schroder – CEO, Concordium
Swvl’s technology enables the development of interactive relationships with its customers through greater driver monitoring and performance tracking, as well as increased efficiency and quality of service. Concordium will make Swvl trips even safer and more reliable.
Using Concordium, driver pay can also be better tied to performance, motivating drivers to give the best service possible.
“Swvl set out to create the mass transit system of the future, for the cities of the future. Our partnership with Concordium will improve the real-time capabilities of our offerings. We will be even better positioned to capitalize on fast-changing customer demands, resulting in quicker and more flexible commuting experiences,” Mostafa Kandil, Swvl Founder and CEO, said.
Swvl, now based in Dubai with an implied, fully diluted equity value of about US$1.5 billion offers a semi-private alternative to public transportation for persons who cannot afford or access private solutions.
Swvl announced the signing of a formal agreement for a business combination with Queen’s Gambit Growth Capital, the first special purpose acquisition company run by women, on July 28, 2021.
Swvl makes transportation safer, more efficient, and ecologically responsible, while also making it accessible and cheap to everybody.
Customers schedule rides using an easy-to-use app with a variety of payment choices, and they gain access to high-quality private buses and vans that follow fixed and semi-fixed routes, stations, times, and pricing.
Swvl has built a parallel mass transit system offering intercity, intracity, B2B and B2G transportation in 10 megacities across Africa, Asia, and the Middle East.
Following the closing of its business combination with Queen’s Gambit, which is expected to occur in the fourth calendar quarter of 2021, Swvl will become the first US$1bn+ unicorn from the Middle East to list on Nasdaq and the only tech-enabled mass transit solutions company to list on any exchange.
The transaction is expected to accelerate its long-term growth strategy and expansion into 20 countries across five continents by 2025.
