Moove, a Nigerian startup that is said to be the world's first mobility fintech company, has announced that it has entered into an exclusive five-year partnership with Swvl to provide electric buses to mobility entrepreneurs across the Middle East & Northern Afrika (MENA) region and Pakistan. This partnership agreement marks Moove’s seventh strategic partnership with ride-hailing and e-logistics platforms since its launch in 2020 and quickly follows the company’s recent $105 million Series A2 round announcement.
Moove is also Uber's fleet partner across Afrika.
“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," said Ladi Delano, Co-founder, and CEO at Moove.
Nigerian solution to a global problem
Moove's partnership with Swvl highlights something that Delano said to iAfrikan.com in a recent interview. Speaking on their recently successful $105 million Series A2 funding round, Delano explained that the problem that Moove is tackling is not confined only to Afrika.
"One of the reasons we're so excited is that we're tackling a global problem. This issue of limited financing for mobility entrepreneurs is not unique to Africa. It is a concern that many emerging markets face, and we have developed a Nigerian solution to what is now recognized as a global issue. This new round will be critical in enabling us to scale not only in our existing and new locations across Africa, but also in our global expansion."
Moove has 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 to a global problem.
Scaling up sustainability
Both companies have said that the partnership will start with an initial rollout of 500 electric buses with the goal to scale up substantially. The partnership aims to enable mobility entrepreneurs on Swvl’s platform to access a range of brand-new buses.
The global mass transit industry is valued at approximately $1 trillion and this 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’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," said Mostafa Kandil, Swvl Founder and CEO.
— By Tefo Mohapi