DUBAI, UAE and CAIRO, March 7,
2022 /PRNewswire/ -- Swvl Inc. ("Swvl" or the "Company"), a
global provider of transformative tech-enabled mass transit
solutions, and Paynas, a digital platform that provides integrated
financial services, including payments and benefits solutions for
companies to empower their contractors and other stakeholders,
today announced a strategic partnership. Paynas will provide Swvl
drivers, also known as "captains," with integrated financial
services capabilities by issuing Visa-powered Paynas Cards, in
partnership with Banque Misr, to the Company's registered captain
base and unlocking their access to the suite of financial and
non-financial benefits offered through the Paynas platform,
including earned compensation payouts, buy-now-pay-later services
and insurance.
The partnership reflects both companies' commitment to
leveraging innovative technologies to enhance financial inclusion.
The partnership is based on a revenue-sharing model through which
Paynas and Swvl will share the revenues generated from the offered
services. With Swvl's large and growing captain base, the companies
expect the partnership to have a significant social and economic
impact by providing historically under-resourced individuals with
opportunities to capitalize on a suite of financial and
non-financial benefits that will further improve their standards of
living.
Mostafa Kandil, Swvl Founder
and CEO, said, "As fundamentally mission-driven companies, Swvl
and Paynas share a common goal of helping underserved populations
achieve greater social and economic equity. Our journey begins and
ends with our captains. Through this partnership we will continue
to demonstrate the innovative ways in which we are making their
lives easier, while providing access to premier financial services
and other benefits."
Mohamed Mounir, Paynas Founder
and CEO, said, "As a high growth company fundamentally altering
the mass transit landscape, Swvl is an ideal partner for Paynas. We
are excited to continue to scale our support for individuals and
SMEs with innovative and efficient financial services and benefits
programs and look forward to creating real value for Swvl captains
to achieve financial wellness."
Youssef Salem, Swvl CFO,
said, "By solving unmet transportation needs and removing barriers
to seamless mobility, Swvl provides countless riders access to
greater economic opportunities. Today's partnership with Paynas,
who shares our commitment to empowering stakeholders with new
technologies that improve their quality of life, enhances financial
inclusion and provides thousands of captains with access to
capital. Additionally, this partnership serves as the latest
example of executing on new revenue opportunities which complement
our rapid organic and inorganic mass transit marketplace and
software as a service market launches. We will continue to pursue
further strategic initiatives, partnerships and ancillary services
in the coming months."
About Swvl
Swvl is a global provider of transformative tech-enabled mass
transit solutions, offering intercity, intracity, B2B and B2G
transportation across 115 cities in 18 countries. The Company's
platform provides complimentary semi-private alternatives to public
transportation for individuals who cannot access or afford private
options. Every day, Swvl's parallel mass transit systems are
empowering individuals to go where they want, when they want –
making mobility safer, more efficient, accessible, and
environmentally friendly. Customers can book their rides on an
easy-to-use proprietary app with varied payment options and 24 / 7
access to high-quality private buses and vans.
Swvl was co-founded by Mostafa
Kandil, who launched Carmudi in the Philippines, which became the largest car
classifieds platform in the country in just six months. He then
served as Rocket Internet's Head of Operations. In 2016, Kandil
joined Careem, a ride-sharing company and the first unicorn in the
Middle East, where he launched
multiple new markets.
For additional information about Swvl, please visit
www.swvl.com.
About Paynas
Paynas is a digital platform empowering businesses and their
employees through digital workforce management, payments, and
financial benefits. Paynas gives businesses the tools needed to
boost efficiency and productivity, focusing on what really matters:
people. Through its digital platform, it enables individuals to
gain access to key financial and non-financial benefits that are
essential to improving their standards of living.
Contacts
Swvl Media Contact
Daniel Yunger
Kekst CNC
kekst-swvl@kekstcnc.com
917-574-8582
Swvl Investor Contact
Youssef Salem
Swvl CFO
Investor.relations@swvl.com
Paynas Contact
contact@paynas.com
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SOURCE Swvl Inc.
