Egyptian Mobility Startup SWVL Adopts Blockchain Payment
Egyptian mobility startup Swvl has announced it has joined in the global business frenzy as it agrees to a partnership with leading Blockchain technology company Concordium to enable blockchain payment for its customers.
Swvl which announced it was going public in July and currently operating in Saudi Arabia is a Cairo-born mobility startup founded in 2017 by Mostafa Kandil, Mahmoud Nouh, and Ahmed Sabbah, the startup kicked off operations as a bus-hailing service in Egypt, enabling users to travel within a city by booking seats on buses that run on fixed routes. Later on, it expanded to other emerging markets such as Kenya, Pakistan, Jordan, and Saudi Arabia. It also moved its headquarters to Dubai, in a bid to become a global company.
The partnership will allow Concordium to provide a blockchain-based technological platform to improve customers’ travel experience.
Mostafa Kandil, Swvl Founder and CEO speaking on the partnership said that the partnership will improve the startup’s offering.
“Swvl set out to create the mass transit system of the future, for the cities of the future. Our partnership with Concordium will improve the real-time capabilities of our offerings. We will be even better positioned to capitalize on fast-changing customer demands, resulting in quicker and more flexible commuting experiences” Mostafa said.
Lone Fonss Schroder, Concordium’s chief executive also added that “Mass transit systems are inherently flawed, with inefficiencies that create significant barriers and cause daily commuting to be a struggle. Combining Concordium’s differentiated blockchain technology with Swvl’s cutting-edge mobility platform provides a seamless commuting experience that will change mass transit on a global scale”.