Swvl in market for USD 50-100 mn loan to fund local, global expansion: Mass transit app Swvl is in talks with Asia-based investment funds to secure a USD 50-100 mn loan to finance its local and global expansion plans, CEO and co-founder Mostafa Kandil tells Al Mal. Kandil is hoping Swvl could sign the loan agreement in 1Q2019 as it works to grow presence in Egypt through new routes and new cities (beginning with Assiut) and expand into Southeast Asia (beginning with the Philippine capital of Manila). The CEO told Reuters last month that his company raised “tens of mns of USD” in series B funding, bringing its valuation close to the USD 100 mn mark.

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