Tech-enabled mass transit provider Swvl Holdings Corp. on Monday (April 25) acquired Turkish B2B and Transport-as-a-Service mobility platform Volt Lines, continuing a flurry of deals that includes adding controlling stakes in Shotl, Viapool and door2door, according to a joint announcement.
Swvl’s acquisition of Volt Lines is expected to be completed in the second quarter of this year, subject to customary closing conditions. Volt gives corporate clients across Turkey an alternative to public transportation and ride hailing through smartly routed shared buses through a monthly subscription. It works with more than 110 companies across the region.
“Volt Lines shares Swvl’s commitment to expanding opportunities and reducing emissions through forward-thinking mobility solutions,” said Mostafa Kandil, Swvl Founder and CEO, in the announcement. “With this acquisition, we are deepening our presence in Europe, immediately expanding our enterprise client-base and continuing to deliver on our growth objectives.”
As part of the deal, Volt Lines plans to build a technology and research and development center to support Swvl’s global hubs in Spain, Germany, Egypt and Pakistan. Volt Lines has committed to running its entire network on electric buses powered by renewable energy with zero emissions by 2030.
“When we launched Volt Lines four years ago, we set out to deliver a revolutionary transit experience to make commuting more reliable and affordable in Istanbul,” said Ali Halabi, Volt Lines Founder and CEO, in the joint announcement. With Swvl’s global footprint, leading technology platform and proven ability to scale, we believe they are the ideal partner for Volt Lines to accelerate expansion of our platform.”
Related: Amex Says Transit System Payments Are Ripe for an Open-Loop Overhaul
Elizabeth Karl, vice president and global head of payments consulting at American Express, told PYMNTS that the COVID-19 pandemic has spurred demand by consumers for touchless, more hygienic payment options in myriad sectors and vertical markets around the world, including mass transit.
Transit providers are moving beyond the confines of closed-loop payment systems, tied to prepaid options that decrease over time as riders swipe cards or queue at turnstiles, she said. More modern options include payments connected to credit and debit instruments, to EMV and NFC.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More