inDrive, the world’s second most-downloaded mobility app, has launched its first financial product in Colombia, inDrive Money. The service, developed in partnership with Latin American fintech R2, aims to improve financial inclusion for drivers on the inDrive platform by offering flexible, income-based loans.
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Currently available in 17 cities across Colombia, inDrive Money allows drivers to access loans of up to COP 1,000,000 (USD 240) with repayment terms ranging from 3 to 5 months. The loan eligibility is determined by drivers' activity on the app, offering gig economy workers a new avenue to secure funding that traditional financial institutions often deny.
Through integration with the inDrive app, drivers can apply for loans, check balances, and make payments. Repayments are automatically deducted from their earnings, simplifying the process. This solution builds on the success of inDrive Money’s first launch in Mexico earlier in 2024.
Alina Zavorokhina, Head of Business and Product at inDrive Money, emphasized the company's commitment to supporting drivers: “inDrive Money enables drivers to invest in their business and improve their financial well-being. We’re proud to offer a solution that challenges injustice and helps drivers access much-needed resources.”
A recent survey showed that 72% of drivers would recommend inDrive Money to others, with many citing vehicle maintenance and personal expenses as top reasons for using the service. By expanding financial options for drivers, inDrive Money is poised to empower more gig workers throughout Colombia.
