Services will include earned compensation payouts, buy-now-pay-later offerings and insurance
Swvl Inc., 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, 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.
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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.”
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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.”
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