Swvl Holdings Corp.
Swvl Holdings Corp (formerly Pivotal Holdings Corp) is incorporated in the British Virgin Islands as a BVI business company limited by shares. Its true place of incorporation is the British Virgin Islands, not the Cayman Islands and not the United Arab Emirates; the UAE record reflects only its operating address, at The Offices 4, One Central, Dubai World Trade Centre, Dubai, United Arab Emirates, where its principal executive offices are located. Swvl Holdings Corp is the Nasdaq-listed parent of the Swvl group, a mobility-technology company providing bus and mass-transit booking and fleet-management software, focused mainly on business-to-business (B2B) transport-as-a-service in the Middle East and North Africa.
Swvl was founded in Cairo, Egypt in April 2017 by Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh. Swvl Holdings Corp completed its business combination with the Cayman Islands SPAC Queen’s Gambit Growth Capital on 31 March 2022, and its ordinary shares and warrants began trading on the Nasdaq Global Market on 1 April 2022 under “SWVL” and “SWVLW.” Following a sustained share-price decline, the company completed a 1-for-25 reverse share split (effective January 2023) and transferred its listing to the Nasdaq Capital Market effective 19 July 2023. As of its most recent annual report (Form 20-F for the year ended 31 December 2025, filed 20 April 2026), Swvl Holdings Corp remains listed on Nasdaq under both symbols and has not been delisted or deregistered.
The 2022-2024 period brought severe financial distress, including market exits (Pakistan operations were shut down in November 2022) and workforce reductions, and the independent auditor’s reports for fiscal years 2023 and 2024 carried an explanatory paragraph expressing substantial doubt about Swvl’s ability to continue as a going concern, though the audit opinions themselves were unqualified. Swvl changed its independent auditor from Grant Thornton Audit and Accounting Limited (Dubai Branch) to Bansal & Co LLP effective 29 January 2026. For fiscal year 2025, the company reported a turnaround: consolidated revenue of $24.2 million (up 41% year-on-year) and net income of roughly $1.3-1.5 million, compared with a net loss of approximately $9.6 million in fiscal 2024.
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Shareholders
2
Swvl Holdings Corp’s SEC beneficial-ownership filings (Schedules 13D) identify specific disclosed holders, but none match the on-file registrar entries for “Gerber, LLC” (42.75%) and “UBS Group AG” (54.94%) – figures that together exceed 97% and are not corroborated by any Schedule 13D or 13G found for the company on SEC EDGAR. UBS Group AG is a major global custodian bank, so its appearance in a shareholder register most likely reflects a custodial/nominee holding of record rather than disclosed beneficial ownership; absent a matching SEC filing, both entries should be treated as unverified rather than repeated as beneficial-ownership fact.
Among holders with SEC filings: Memphis Equity Ltd, together with BECO Booster Fund II, L.P., BECO Booster Fund II GP, LLC, Yousef Hammad and director Dany Farha, jointly reported beneficial ownership of 715,723 Class A Ordinary Shares (10.53%), held indirectly through Memphis Equity Ltd (Schedule 13D, filed 19 March 2024). Former CFO and current director Youssef Salem reported direct ownership of 558,840 shares (6.2%), consisting of restricted stock units (Schedule 13D, filed 20 May 2024).
Ultimate beneficial ownership
No SEC filing discloses a specific beneficial-ownership percentage for founder and CEO Mostafa Kandil; as a foreign private issuer, Swvl is not subject to U.S. Section 16 insider-ownership reporting. A May 2024 news report cited an approximate 25% founder stake, but this figure could not be corroborated against any SEC filing reviewed and is noted here only as an unverified press claim.
Disclosure reflects filings available on SEC EDGAR as of September 2026; shareholders below applicable reporting thresholds, or holding through arrangements not requiring a public filing, would not appear here.
Sources
- SEC EDGAR – Schedule 13D, Memphis Equity Ltd / BECO Booster Fund II / Yousef Hammad / Dany Farha, filed 19 March 2024 – https://www.sec.gov/Archives/edgar/data/1875609/000110465924036086/tm249227d1_sc13d.htm – retrieved 9 September 2026
- SEC EDGAR – Schedule 13D, Youssef Salem, filed 20 May 2024 – https://www.sec.gov/Archives/edgar/data/1875609/000110465924063415/tm2414973d1_sc13d.htm – retrieved 9 September 2026
- SEC EDGAR – company filing index for Swvl Holdings Corp (CIK 0001875609), Schedule 13D/13G filings – https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001875609&type=SC+13&dateb=&owner=include&count=100 – retrieved 9 September 2026 (used to confirm no 13D/13G on file from Gerber, LLC or UBS Group AG)
- Launch Base Africa – “With 25% Stake, Swvl Founder Chooses Growth Over Dividends After Profit Turnaround,” 4 May 2024 – https://launchbaseafrica.com/2024/05/04/with-25-stake-swvl-founder-chooses-growth-over-dividends-after-profit-turnaround/ – retrieved 9 September 2026 (press report, not an SEC filing)
| Shareholder | Type | Holding | Source Document |
|---|---|---|---|
| UBS Group AG | 54.9% | Ministry of Economy & Tourism — National Economic Register / Emirate-level DEDs | |
| Gerber, LLC | 42.7% | Ministry of Economy & Tourism — National Economic Register / Emirate-level DEDs |
Officers
3
Mostafa Kandil, who co-founded Swvl in Cairo in April 2017, has served as Chief Executive Officer since the company’s founding and also serves as Chairman of the Board; a Swvl proxy statement dated 23 December 2024 and the FY2025 Form 20-F (filed 20 April 2026) both confirm he continues to hold both roles. His on-file correspondence address country (Saudi Arabia) is a mailing address only and should not be read as his nationality or residence.
The two on-file CFO entries reflect a genuine, now-reconciled transition. Youssef Salem, CFO from 1 September 2021, resigned effective 31 March 2023, on which date the Board appointed Abdullah Mansour as Interim Chief Financial Officer. Ahmed Misbah – previously the company’s Director of Finance – was appointed permanent Chief Financial Officer effective 5 February 2025 (company announcement, 5 February 2025), succeeding the interim arrangement.
Per the December 2024 proxy statement, the Board comprised seven directors: Kandil; co-founder Ahmed Sabbah; and independent directors Dany Farha (since February 2018), Esther Dyson (since April 2018), Victoria Grace (since March 2022; former CEO of SPAC sponsor Queen’s Gambit Growth Capital), Ayman Ismail (since May 2023) and Youssef Salem, appointed a Class II director on 12 February 2024 to fill the seat vacated by Bjorn von Sivers (resigned 30 June 2023).
Sourced from SEC filings and company announcements available as of September 2026; leadership changes after the most recent filing reviewed may not be reflected.
Sources
- SEC EDGAR / Continental Stock Transfer – Swvl Holdings Corp Notice and Proxy Statement, Annual Meeting of Shareholders, dated 23 December 2024 – https://www.cstproxy.com/swvl/2025/proxy/images/Swvl_Holdings_Corp-Proxy2025.pdf – retrieved 9 September 2026
- Swvl Holdings Corp – “Swvl Appoints Ahmed Misbah as Chief Financial Officer,” 5 February 2025 – https://www.globenewswire.com/news-release/2025/02/05/3021196/0/en/Swvl-Appoints-Ahmed-Misbah-as-Chief-Financial-Officer.html – retrieved 9 September 2026
- MarketScreener (summarizing a Swvl 6-K) – “Swvl Holdings Corp. Announces Resignation of Mr. Youssef Salem as Chief Financial Officer Effective March 31, 2023” – https://www.marketscreener.com/quote/stock/SWVL-HOLDINGS-CORP-136037647/news/Swvl-Holdings-Corp-Announces-Resignation-of-Mr-Youssef-Salem-as-Chief-Financial-Officer-Effective-43423318/ – retrieved 9 September 2026
- SEC EDGAR – Swvl Holdings Corp Form 20-F for fiscal year ended 31 December 2025, filed 20 April 2026 – https://www.sec.gov/Archives/edgar/data/1875609/000110465926045255/swvl-20251231x20f.htm – retrieved 9 September 2026
Group Structure
Swvl Holdings Corp (British Virgin Islands; formerly Pivotal Holdings Corp) is the Nasdaq-listed top holding company of the Swvl group, operating principally out of Dubai, UAE. Exhibit 8.1 (list of subsidiaries) to the FY2025 Form 20-F, filed 20 April 2026, names principal operating entities including Swvl for Smart Transport Applications and Services LLC (Egypt), Swvl for Mobility Solutions FZE (UAE), Swvl Saudi Regional Headquarters and related Saudi entities, and Smart Way Transportation LLC (Jordan); ownership percentages are not disclosed in the exhibit. Intermediate holding entities Swvl Inc., Swvl Group Corp and Swvl Holdco Corp (all British Virgin Islands) and Pivotal Merger Sub Company 1 (Cayman Islands) also appear on the current subsidiary list.
Swvl previously operated in additional markets, including Pakistan and Kenya, that were substantially scaled back or exited during 2022; its Pakistan operations were shut down in November 2022 per contemporaneous regional press reporting. The FY2025 20-F also identifies discontinued operations in several Latin American and European entities (including Argentina, Brazil and Germany). Main current jurisdictions of activity are the UAE, Egypt and Saudi Arabia, with newer B2B market entries in the United Kingdom (June 2025) and Kuwait (January 2026) per the company’s FY2025 results announcement.
Information current as of the FY2025 Form 20-F (filed 20 April 2026); subsidiary jurisdictions are disclosed in SEC filings, ownership percentages generally are not.
Recent structural changes: (1) discontinuation of several Latin American and European operating entities, disclosed in the FY2025 Form 20-F (April 2026); (2) shutdown of Pakistan operations, November 2022; (3) change of independent auditor from Grant Thornton Audit and Accounting Limited (Dubai Branch) to Bansal & Co LLP, effective 29 January 2026.
Sources
- SEC EDGAR – Exhibit 8.1 (List of Subsidiaries) to Swvl Holdings Corp Form 20-F, FY2025, filed 20 April 2026 – https://www.sec.gov/Archives/edgar/data/1875609/000110465926045255/swvl-20251231xex8d1.htm – retrieved 9 September 2026
- SEC EDGAR – Swvl Holdings Corp Form 20-F for fiscal year ended 31 December 2025, filed 20 April 2026 – https://www.sec.gov/Archives/edgar/data/1875609/000110465926045255/swvl-20251231x20f.htm – retrieved 9 September 2026
- Profit by Pakistan Today – “Mobility startup SWVL shuts operations in Pakistan, its second biggest market,” 24 November 2022 – https://profit.pakistantoday.com.pk/2022/11/24/mobility-startup-swvl-shuts-operations-in-pakistan-its-second-biggest-market/ – retrieved 9 September 2026
- Nasdaq (company press release) – “Swvl Announces FY 2025 Results,” 20 April 2026 – https://www.nasdaq.com/press-release/swvl-announces-fy-2025-results-revenue-41-242-million-net-income-13-million-ndr-128 – retrieved 9 September 2026
- StockTitan (SEC filing summary) – Swvl Holdings Corp Form 6-K, auditor change, filed 29 January 2026 – https://www.stocktitan.net/sec-filings/SWVL/6-k-swvl-holdings-corp-current-report-foreign-issuer-ef8d31d57392.html – retrieved 9 September 2026
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Frequently Asked Questions
What is the exact legal name of the company?
The company's legal name is Swvl Holdings Corp, formerly named Pivotal Holdings Corp.
Where is Swvl Holdings Corp incorporated?
It is incorporated in the British Virgin Islands as a BVI business company limited by shares – not in the Cayman Islands or the United Arab Emirates.
Where does Swvl operate from?
Its principal executive offices are in Dubai, UAE (The Offices 4, One Central, Dubai World Trade Centre), which is an operating address rather than its place of incorporation.
What is Swvl's legal form?
It is a British Virgin Islands business company limited by shares, and it reports to the SEC as a foreign private issuer.
Is Swvl Holdings Corp currently active?
Yes. As of its Form 20-F for fiscal year 2025 (filed 20 April 2026), it remains an operating, SEC-reporting company; it has not been delisted or deregistered.
Is Swvl still listed on Nasdaq?
Yes, under "SWVL" (ordinary shares) and "SWVLW" (warrants) on the Nasdaq Capital Market, having transferred there from the Nasdaq Global Market effective 19 July 2023.
What does Swvl do?
It operates a mobility-technology platform for bus and mass-transit booking and business-to-business transport-as-a-service, mainly in Egypt, the UAE and Saudi Arabia.
When and where was Swvl founded?
It was founded in Cairo, Egypt in April 2017 by Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh.
How did Swvl list on Nasdaq?
Via a business combination with Cayman Islands-incorporated SPAC Queen's Gambit Growth Capital, completed 31 March 2022; trading began 1 April 2022.
What were Swvl's latest reported financial results?
For fiscal year 2025 (ended 31 December 2025), Swvl reported consolidated revenue of $24.2 million (up 41% year-on-year) and net income of about $1.3-1.5 million, reversing a roughly $9.6 million net loss in fiscal 2024.
Has Swvl faced going-concern doubt?
Yes. Its independent auditor's reports for fiscal years 2023 and 2024 included an explanatory paragraph citing substantial doubt about its ability to continue as a going concern, though the audit opinions were unqualified.
Who is Swvl's CEO?
Mostafa Kandil, co-founder, who has served as CEO and Chairman since the company was founded in 2017.
What was a major recent corporate development?
Swvl changed its independent auditor from Grant Thornton (Dubai Branch) to Bansal & Co LLP effective 29 January 2026, shortly after appointing Ahmed Misbah as permanent CFO effective 5 February 2025.
Is Swvl Holdings Corp. still an active company?
Swvl Holdings Corp.'s status on Ministry of Economy & Tourism — National Economic Register / Emirate-level DEDs is listed as active.
What is Swvl Holdings Corp.'s registered address?
The registered address on file for Swvl Holdings Corp. is Dubai, United Arab Emirates.
Can Zavia monitor changes to Swvl Holdings Corp.'s ownership over time?
This profile reflects a point-in-time snapshot from Ministry of Economy & Tourism — National Economic Register / Emirate-level DEDs. Zavia's monitoring API can track changes to Swvl Holdings Corp.'s registered shareholders, officers, and group structure going forward, flagging updates as they're filed rather than requiring a manual recheck.
Can I access Swvl Holdings Corp.'s data through an API?
Yes. Zavia's API connects directly to official government ownership registries across 195 countries and territories, including United Arab Emirates, so records like Swvl Holdings Corp.'s registration, shareholder, UBO, and group-structure data can be queried programmatically instead of viewed one page at a time.
Where does this company information come from, and how current is it?
This record is sourced directly from Ministry of Economy & Tourism — National Economic Register / Emirate-level DEDs and was last synced on 11 August 2026.