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Swvl Inc. announced the addition of three senior leaders: Juan Batiz as Global Head of Policy, Enrique Gonzalez as Global Head of Legal, and Leandro Aliseda as Head of LatAm Public Sector. Each brings over 20 years of experience, enhancing Swvl's ability to scale its platform in key regions. CEO Mostafa Kandil emphasized the importance of their expertise in achieving rapid growth post-acquisition of Viapool. CFO Youssef Salem highlighted their integral role in governance and growth strategies, particularly in Latin America, an area with significant expansion potential.
Swvl has announced a strategic partnership with Paynas to enhance financial services for its drivers, known as 'captains'. This collaboration will provide Swvl captains with Visa-powered Paynas Cards, offering access to earned compensation payouts, buy-now-pay-later services, and insurance. The partnership operates on a revenue-sharing model aimed at improving financial inclusion for underserved individuals. Both companies emphasize their commitment to social equity through innovative financial solutions. Swvl operates across 115 cities in 18 countries, focusing on tech-enabled mass transit solutions.
Swvl Inc. announced an upsize of its PIPE investments to $121.5 million, aimed at enhancing its balance sheet ahead of its merger with Queen's Gambit Growth Capital (GMBT). The new investment includes $21.5 million from flagship investors such as the European Bank for Reconstruction and Development (EBRD). This capital infusion is expected to bolster Swvl's strategic growth initiatives and expand its tech-enabled mass transit solutions. Swvl's founder expressed confidence in the company's future as it aims to transform the $1 trillion global transit industry.
Swvl Inc. announced a significant milestone, expanding its services to 115 cities across 18 countries on 4 continents, surpassing its business plan. The company offers B2C, B2B, and B2G transportation solutions, with over 240 institutional clients. CEO Mostafa Kandil highlighted strategic growth, including acquisitions and organic expansions, strengthening its presence in Europe and Latin America. Swvl's platform enhances commuting experiences, offering safety and affordability, while corporate partnerships demonstrate its operational efficiency and customer satisfaction.
Swvl, a tech-enabled mass transit provider, has announced the appointment of W. Steve Albrecht as an independent director and audit committee chair following its business combination with Queen's Gambit Growth Capital (GMBT). Albrecht, a CPA and experienced board member, is expected to enhance corporate governance and support Swvl's growth strategies. Mostafa Kandil, Swvl's CEO, emphasized Albrecht’s expertise in finance and compliance, crucial for the company's expansion into new markets. This appointment follows previous board enhancements, showcasing Swvl’s commitment to building a strong governance structure.
Swvl Inc. has announced its definitive agreement to acquire a controlling interest in Viapool, a mass transit platform operating in Buenos Aires and Santiago. This acquisition represents Swvl's entry into the Latin American market following its prior agreement to acquire Shotl, expanding its footprint to 22 cities across 10 countries. With a combined population exceeding 65 million in Argentina and Chile, Viapool has demonstrated rapid growth and profitability. The transaction is expected to close in Q1 2022, further reinforcing Swvl's commitment to enhancing public transportation options across urban megacities.
Swvl Inc. announced impressive third-quarter results for 2021, reporting gross revenue of $16.0 million, a 264% increase year-over-year. Key metrics include 9.0 million bookings, 507,700 active users, and an 83% fleet utilization rate. Despite a -12.5% net margin, significant improvements were noted in gross margin, which stands at 17.6%. The company raised its 2022 gross revenue guidance to $155 million from $141 million. Swvl is on track for a transformative merger with Queen's Gambit, expected to close in Q4 2021, potentially becoming the first Middle Eastern unicorn on Nasdaq.
Swvl Inc. has announced the acquisition of a controlling stake in Shotl, enhancing its presence in Europe, LATAM, and APAC. Shotl operates in 22 cities across 10 countries, offering on-demand transit solutions. The deal allows Swvl to expand its market footprint significantly, now covering 32 cities in 16 countries. This aligns with Swvl's growth objectives and commitment to sustainable mobility. Key highlights include partnerships with major municipalities and OEMs, and leveraging Shotl's technology for improved service delivery. The transaction is set to close in Q4 2021, pending customary conditions.
Swvl Inc., a Dubai-based mass transit solutions provider, has completed a pre-funding of $35.5 million from investors including Agility and Chimera Abu Dhabi, ahead of its business combination with Queens Gambit Growth Capital (NASDAQ: GMBT). This funding aims to accelerate Swvl's growth strategy, targeting $1 billion in annual revenue and expansion into over 30 cities by 2025. CEO Mostafa Kandil highlighted investors' confidence in their tech-enabled transportation system. Additionally, Swvl plans to acquire Shotl, enhancing its operational reach in Europe.
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