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By Monica Muema
Mobility fintech, Moove has announced an exclusive five-year partnership with Swvl to provide electric vehicle buses to mobility entrepreneurs across the MENA region and Pakistan.
The new agreement marks Moove’s seventh strategic partnership with ride-hailing and e-logistics platforms since its launch in 2020and quickly follows the company’s recent $105 million Series A2 round announcement.
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.
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.