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SWVL Plans To Lay Off Around 400 Employees
The announcement of the layoff didn’t mention how the decision would affect SWVL’s planned expansion to Colombia, Mexico, South Africa, and the United States.
SWVL, a Dubai-based provider of technology-enabled mass transit solutions, has announced its plan to lay off 32 percent of its workforce (around 400 employees) to better cope with the new economic reality the company has found itself in over the past several weeks.
Since SWVL listed its shares this March on the Nasdaq through a merger with women-led blank check company Queen’s Gambit Growth Capital, its valuation has dropped from $1.5 billion to $500-$600 million.
SWVL is just another name on the growing list of companies that have been negatively affected by the current global economic downturn. Even though the company hopes to become profitable again next year, it sees the layoff as the only way forward.
“Over the past few weeks, Swvl has been hit like others across the globe with changes to its financial realities. While change is often unexpected, we believe that any attempt to resist it instead of adapting to it will prove futile,” says SWVL CEO Mostafa Kandil. “Today, with the current global economic downturn, as much as we did everything we could to put people first, we now know that we are not able to keep everyone unimpacted.”
Despite the major setback, SWVL is determined to keep developing its proprietary technology stack and building on its recent acquisitions, which include TaaS and SaaS businesses Argentina’s Viapool, Turkey’s Volt Lines, Spain’s Shotl, and Germany’s door2door.
Also Read: How To Find Remote-Only Tech Jobs In 2023
The announcement of the layoff didn’t mention how the decision would affect SWVL’s planned expansion to Colombia, Mexico, South Africa, and the United States. Currently, SWVL operates in Argentina, Egypt, Germany, Italy, Japan, Jordan, Kenya, Pakistan, Saudi Arabia, Spain, Switzerland, Turkey, and the UAE.
Other technology-enabled companies that have recently announced layoffs include online payment and checkout platform Bolt, German on-demand grocery delivery company Gorillas, and Swedish fintech provider of online financial services Klarna.
News
Visa’s Return To Syria Starts With A Test And A Bank In Lebanon
Foreign visitors will be the first users to benefit, but whether Syria’s own banks and cardholders follow is still an open question.
Visa is returning to Syria. Its first live international card transaction in the country was a test rather than a launch, and the milestone event ran through a Lebanese bank.
The acquirer (the bank on the merchant’s side of a card payment) was Fransabank Lebanon, with Paymera as the other named partner. Nadim Moujaes, who heads a Fransabank Group subsidiary, describes the test as both the culmination of “longstanding efforts to link Syria back to international payment networks” and “the first step in a larger path”.
Syrian President Ahmed Al-Sharaa makes the first electronic payment in Syria using a @Visa card at a store in Damascus, following the lifting of US sanctions on Syria. pic.twitter.com/lpAN7nQ6Fc
— Tech Magazine (@TechMGZN) August 27, 2026
“We are excited to have successfully tested live transactions today as we plan to enable international visitors to use their Visa cards while in Syria,” says Leila Serhan, Visa’s senior vice president and group country manager for the North Africa, Levant and Pakistan region. Although a significant first step, that plan doesn’t come with a hard date for when a visitor’s card will work normally.
Mohammed Safwat Raslan, governor of the Central Bank of Syria, says the test paves the way for international card acceptance in Syria and that maintaining strong compliance, risk management and operational controls will remain essential. Serhan likewise stresses that Visa has worked within applicable legal, regulatory and compliance requirements. For a test transaction, it seems there was a great deal of attention paid to the rules, with the entire operation being carefully managed.
Also Read: Lebanon’s 5G Era Begins With 150 Stations And A $1M Budget
The test is the latest step in a sequence that began in December 2025, when Visa announced a strategic roadmap to support Syria’s integration into the global digital economy. In February 2026 it hosted its first industry gathering of banks, ecosystem partners and policymakers in Damascus and, the same month, signed an agreement with Syria’s Ministry of Communications and Information Technology in San Francisco.
Michel Kattouah, Paymera’s CEO, called the test “the return of international card acceptance,” but while that’s positive news, there’s no word yet on when a Syrian bank will issue a Visa card to a Syrian customer.
Visa’s Return To Syria Starts With A Test And A Bank In Lebanon
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