Swvl Secures First Working Capital Facility in UAE

Swvl, a leading provider of technology-enabled mass mobility solutions, has secured its first working capital facility in the United Arab Emirates (UAE) through Zelo, marking a significant milestone in its growth strategy in the region. This move is expected to accelerate the launch and scale of new enterprise accounts in Swvl’s pipeline, building on the company’s impressive revenue growth in the GCC market.

Since its relaunch in December 2024, Swvl has achieved approximately five times the revenue growth in the UAE, with a series of enterprise contracts, including a recently announced five-year deal valued at up to $5.5 million. The working capital facility will be utilized to fund client acquisition and further expand Swvl’s operations in the UAE.

Mostafa Kandil, Swvl’s Chief Executive Officer, emphasized the importance of this facility: "The UAE is one of our most important and fastest-growing markets, and access to local, scalable working capital is crucial for our next phase of growth. This facility allows us to move quickly on the strong pipeline we have built, launching new enterprise accounts with the liquidity they require, while staying disciplined and asset-light."

Ahmed Misbah, Swvl’s Chief Financial Officer, added: "Securing our first working capital facility in the UAE is an important step in how we fund growth. By matching dedicated, short-term financing to the working capital needs of new deployments, we believe we can accelerate revenue conversion in one of our highest-value markets."

Dhanush Arjun, Co-Founder and CEO of Zelo, highlighted the strategic partnership: "Finance should do more than fund businesses; it should create value for everyone involved. At Zelo, every facility is structured to create a win for our client, a win for their stakeholders, and a win for the broader economy. We're excited to partner with Swvl as it scales one of its most important markets."

Swvl’s growth in the UAE is broad-based, spanning diverse industries such as e-commerce warehousing, manpower and security services, and healthcare. These deployments typically involve complex operations running across multiple sites and shifts, where Swvl designs a fully optimized transportation network, matching routing, scheduling, and vehicle mix to each client’s workforce and site footprint. The company also provides fleet management consultancy to cut clients’ operational costs and minimize fuel consumption and vehicle mileage.

This facility is part of Swvl’s broader strategy to scale efficiently in a capital-efficient manner while minimizing dilution. Kandil stated, "This facility enables us to convert our growing pipeline into live, revenue-generating contracts more quickly by matching short-term funding to the working capital needs of new deployments."

The facility underscores Swvl’s commitment to leveraging innovative financial solutions to support its growth in the UAE and other key markets. As Swvl continues to expand, it aims to maintain its position as a leader in technology-enabled mass mobility solutions.