Egyptian ride-hailing firm, SWVL, has partnered with Nigeria’s mobility fintech, Moove, to scale the latter’s revenue-based vehicle financing model across the Middle East, North Africa, and Pakistan (MENAP) region, and expand vehicle classes to include electric buses.
With an initial rollout of 500 buses, the partnership will enable mobility entrepreneurs on Swvl’s platform to access a range of brand-new buses.
Prospective drivers will be able to work towards owning their buses by paying a percentage of their weekly income. This will be made possible through Moove’s two product offerings:
- Drive-To-Own (DTO): this enables drivers to work towards ownership of their vehicles in 48 months
- Flexi-Rental: this is an entry-level weekly rental option for drivers who may not yet qualify for DTO.
By leveraging Moove’s unique credit-scoring technology onto Swvl’s platform, both companies seek to add more drivers and vehicles to Swvl’s platform, thus enabling more bus route creation and increase expected earnings for drivers.
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.
Ladi Delano, Co-Founder and Co-CEO of Moove,
Launched in 2020, Moove provides mobility entrepreneurs access to revenue-based financing in markets with low access to credit. Using its alternative credit scoring technology, the firm provides vehicle financing to its customers so they can purchase brand new vehicles using a percentage of their weekly revenue.
The startup has experienced increased demand and growth across Africa, with its vehicles having completed over 3 million rides covering more than 25 million kilometers.
Meanwhile, SWVL has just made its debut on the Nasdaq stock exchange listing via a SPAC; Queen’s Gambit Growth Capital
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