Concordium and Swvl Announce Partnership for Blockchain-Based Mass Transit Systems
[PRESS RELEASE – Zug, Switzerland, 11th August 2021]
Concordium, a leading blockchain technologies company, and Swvl, Inc. (“Swvl”), a Dubai-based provider of mass transit and shared mobility solutions, today announced a strategic partnership to, for the first time, use blockchain technologies to develop transformative next-generation mass transit systems.
Swvl is a global tech start-up based in Dubai, with an implied, fully diluted equity value of approximately $1.5 billion, providing a semi-private alternative to public transportation for individuals who cannot afford or access private options. On July 28, 2021, Swvl announced entry into a definitive agreement for a business combination with Queen’s Gambit Growth Capital (“Queen’s Gambit”) (NASDAQ: GMBT), the first special purpose acquisition company led by women.
Swvl makes mobility safer, more efficient, and more environmentally friendly while ensuring that it is accessible and affordable for everyone. Customers book rides on an easy-to-use app with varied payment options and access high-quality private buses and vans that operate according to fixed and semi-fixed routes, stations, times, and prices.
Concordium will provide a blockchain-based technology platform that aims to upgrade the mass transit travel experience for Swvl’s customers. The platform is intended to help solve the highly complex logistical challenges inherent in mass transit while advancing Swvl’s efforts at decarbonization and smart, green mobility.
Concordium’s platform is intended to, among other things, provide these key benefits:
– Natural ebbs and flows in customers’ travel needs can be traced faster and more accurately, and fed into evolving travel routes through Swvl’s dynamic routing capabilities, making trips faster and cheaper.
– The technology allows for the creation of interactive relationships between Swvl and its customers with enhanced driver monitoring and performance tracking, as well as increased efficiency and quality of service – making trips with Swvl even safer and more reliable.
– Driver remuneration can also be better linked to performance, incentivizing drivers to provide the best possible service.
Lone Fonss Schroder, Concordium’s chief executive, said: “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.”
Mostafa Kandil, Swvl Founder and CEO, said: “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.”
Concordium is a Public and Sustainable Proof-of-Stake-blockchain with a unique Identity layer at the protocol level. Concordium differs from other participants by offering previously unseen guarantees of transparency, and regulation without compromising privacy by introducing built-in identity management at the protocol level and zero-knowledge proofs, which are used to replace anonymity with perfect privacy.
Swvl has built a parallel mass transit system offering intercity, intracity, B2B, and B2G transportation in 10 megacities across Africa, Asia, and the Middle East. Following the closing of its business combination with Queen’s Gambit, which is expected to occur in the fourth calendar quarter of 2021, Swvl will become the first $1bn+ unicorn from the Middle East to list on Nasdaq and the only tech-enabled mass transit solutions company to list on any exchange.
The transaction is expected to accelerate its long-term growth strategy and expansion into 20 countries across five continents by 2025.