AFRICA – Zain Group, a mobile telecommunications company, has announced the launch of Zain Ventures, as well as the closure of investments and the signing of a Memorandum of Understanding (MoU) with Pipe and Swvl to help them expand across Zain’s regional presence and beyond.
Zain Ventures was recently established to complement Zain Group’s existing investment portfolio and to open the door to future investment opportunities in venture capital, fintech, and technology, with a focus on digital breakthroughs in the rapidly increasing electronic services and startup ecosystem.
“The establishment of Zain Ventures is another step in Zain Group’s ‘4Sight’ strategy and progression to become a full-fledged digital services company,” Bader Al Kharafi, Zain Vice-Chairman and Group CEO said.
“We have already enjoyed tremendous success in the investments we have made in venture capital entities and startups that show promising potential for boosting our revenues in new and developing verticals and formalizing these investments under a single entity at this time will create shareholder value.”
“The establishment of Zain Ventures is another step in Zain Group’s ‘4Sight’ strategy and progression to become a full-fledged digital services company.”Bader Al Kharafi – Vice-Chairman and Group CEO, Zain
Pipe is a fast-growing US-based fintech known as the world’s first trading platform for recurring revenues, with its recent fund-raising valuing the company at $2 billion in just over a year since its public launch in June 2020, making it one of the fastest fintechs in history to reach this milestone.
“We are extremely excited and confident that Zain Ventures’ first investments in fast-growing and world-leading entities in their respective industries, Pipe and Swvl will be value accretive to all parties as we accelerate their growth across the region and beyond. We are keen on participating in and encouraging the global entrepreneurial startup ecosystem,” Bader added.
Swvl is revolutionizing the US$1 trillion global public transportation business. The Company’s proprietary mobility solutions, which are powered by cutting-edge technology, are helping to solve mass transit supply and demand challenges in complex, emerging markets, providing transportation solutions that are reliable, convenient, safe, and affordable to massively underserved communities.
It presently has ten locations across the United Arab Emirates, Saudi Arabia, Jordan, Egypt, Kenya, and Pakistan.
“Zain grasped the opportunity to invest in Swvl for reasons that also core to our sustainability, diversity and inclusion corporate strategy: 1. Supporting national transport infrastructure and optimising mobility; 2. Serving the underprivileged; 3. Sustainability and environmentally friendly; 4. Women empowerment and safety; 5. Unlimited synergies with Zain’s footprint across the region. The Zain team looks forward to playing its strategic role and being part of Swvl’s trajectory growth and global success story,” Al Kharafi said about Swvl.