Uber is building a small loans platform for drivers

Global ride-hailing company, Uber is finally getting into the payment space. In an in-app message the company sent to drivers in September, the company said it plans to build a financial product to boost the finances of drivers in times of need.

According to a report by Recode, a survey sent out by Uber asked drivers sought to establish their management of loans of $1,000 or less in the last three years. Some of the questions posed include “If Uber provided loans, what amount are you likely to request?” The options to answer range from “Less than $100,” “Between $100 and $250,” “Between $250 and $500,” and “More than $500.”

 

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Although Uber is yet to comment on the survey that reportedly originated from it, the company has steadily made its intentions for fintech an open secret. In June this year, the ride-hailing company had hired more than 100 fintech-oriented tech workers. It then developed a digital wallet called Uber Cash enabling its customers to pay across all its offerings such as rides and food deliveries within the Uber app.

Given its upcoming “financial product” for drivers, Uber has had experience by offering drivers in California and Michigan, cash advance programs. It also offered leases on new cars to drivers in the past and currently offers a co-branded credit card with Visa and an Uber Cash digital wallet for riders.

While it is yet to launch its financial product, it is not clear which market will be its primary focus. Uber is the most dominant ride-hailing company in Africa, including Nigeria. Uber had toiled with car loans in Nigeria and went as far as partnering with First Bank of Nigeria to extend loans to drivers in 2016. The company could likely look towards the emerging markets to scale its payment ambitions.