inDrive introduces financial services for drivers

28/02/2024 News

In an exciting development, inDrive, the global mobility and urban services platform operating in 46 countries, has launched inDrive Money, its first integrated financial services product. This offering provides cash loans to drivers in Mexico operating on the platform, aiming to address the financial exclusion faced by many gig workers.

Partnering with established financial institutions such as Mastercard, R2, Galileo, and GIRO, inDrive Money offers cash loans and credit cards to drivers in various cities across Mexico, with plans for further expansion. The seamless integration of financial services into the inDrive app enables drivers to apply for loans, check balances, and repay loans effortlessly, with repayments deducted from their ride commissions.

Arsen Tomsky, inDrive's CEO, highlighted the platform's commitment to providing fair lending solutions, citing surveys indicating significant interest among drivers in accessing loans. He emphasized the importance of technology and partnerships in enabling inDrive to offer these innovative financial services, which aim to empower drivers and combat social injustices.

During the initial trial phase, inDrive Money saw repeat borrowers accounting for 57% of loans, indicating its positive impact on drivers' economic well-being. Tomsky expressed optimism that inDrive Money will continue to support drivers in improving their financial status while fostering trust and growth in the platform.

Looking ahead, inDrive plans to expand its financial services offerings, diversifying its business portfolio and ensuring sustainable growth while further enhancing financial inclusion for gig workers in developing economies.

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