A mobility fintech company, Moove has partnered with Swvl Inc. to scale its revenue-based vehicle financing model across the MENAP (Middle East, North Africa, and Pakistan) region, as well as expand vehicle classes to include electric buses.
Recall that the mobility fintech startup
recently raised a $105 million Series A2 round to scale its revenue-based
vehicle financing model to seven new markets across Asia, MENA, and Europe over
the next six months.
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.
“Moove’s unique approach to democratizing
vehicle ownership by providing access to financing perfectly aligns with our
mission at Swvl. Through this partnership, we areable to further our mission of
empowering underserved communities with safe, efficient and cost-effective
mobility solutions at scale.” Mostafa Kandil, Swvl Founder and CEO said.
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 Moove’s 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.
Moove 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
reliable, 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.
According to Ladi Delano, co-Founder and
co-CEO of Moove, “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. Starting with Cairo, our seventh market,
this is an exciting time for Moove as the MENAP region presents opportunities
that remain untapped and, by virtue of this partnership, we have now expanded
into urban transportation and the bus vehicle class.
“With 50% monthly growth since launch, the
growth at Moove has been exponential and we are excited to expand our platform
to serve more mobility entrepreneurs whilst leading the way in the
electrification of mobility fleets in markets across the world.” he added.
Youssef Salem, Swvl CFO, said that the
“electrification is integral to Swvl’s mission of substantially reducing
emissions via a combination of increasing ride sharing and vehicle efficiency.
Today’s partnership with Moove, who shares our commitment to empower
communities and care for our planet, enhances economic opportunities for
thousands of captains while transitioning into lower emission fleets.”
Salem further stated that “this partnership
serves as the latest example of executing on opportunities which enhance
economics for our stakeholders, protect the environment and diversify and
expand supply for our marketplace. We will continue to pursue further
initiatives which are core to our sustainable mobility value proposition.”
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.
The company also aims to ensure that at
least 60% of the vehicles it finances are electric or hybrid vehicles as part
of its commitment to improving road safety and vehicle emissions on Africa’s
roads.
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.