Business
Swvl Secures Sustainable Finance with HSBC to Finance New Client Contracts
DUBAI, United Arab Emirates, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a leading provider of
About this update from Swvl Holdings Corp
[{"type":"text","content":"DUBAI, United Arab Emirates, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a leading provider of technology-driven mobility solutions for enterprises and governments, has announced a sustainable credit facility with HSBC Bank (“HSBC”) aimed at financing Swvl’s expansion of its pipeline of client contracts in the fourth quarter of 2024. Additionally, the agreement with HSBC establishes a broader strategic collaboration to enhance Swvl’s financial operations as the Company continues its path to sustainable growth. The agreement with HSBC is a significant milestone that highlights Swvl’s recent achievements in the enterprise mobility market, where the Company has secured major client contracts and developed a robust client pipeline. Swvl believes that collaborating with a prominent financial institution will help drive momentum forward and deliver on growth initiatives. With this new credit facility, Swvl intends to embark on a broader collaboration with HSBC, whose role extends beyond financing to include the management of consolidated banking operations across the various markets in which Swvl operates, designed to streamline financial processes, enhance cash flow management, and improve overall operational efficiency. As Swvl continues its growth trajectory, HSBC's comprehensive banking solutions will equip the Company to effectively navigate its ambitious growth plans. \"I believe that our collaboration with HSBC is a key milestone in our efforts to optimize financial operations and boost profitable growth,\" said Mostafa Kandil, CEO of Swvl. \"We have opened a sustainable facility with HSBC, and streamlined our banking processes, and we believe we are strengthening our financial stability and readiness to deliver on our growth plans and expansion initiatives. About Swvl Swvl is a leading provider of technology-driven mobility solutions for enterprises and governments. Swvl's technology enhances transit system efficiency to deliver safer, more reliable, and sustainable transportation solutions. For additional information about Swvl, please visit www.swvl.com. Forward-Looking Statements This press release contains “forward-looking statements'' relating to future events. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “con...