Is Uber steering more and more towards fintech?

By Daniel Lanyon on Monday 9 September 2019

Alternative LendingDigital BankingSavings and Investment

The firm has long been hailed as unsustainable by critics owing to its lack of a path towards profitability.

Is Uber steering more and more towards fintech?
Image source: Photo by Andrey Grushnikov from Pexels

Fintech firms have made huge strides to grow customers and take market share from incumbent banks in recent years but the growing interest from mega tech firms such as Apple, Amazon and co in moving towards becoming financial services powerhouses has opened up a new fissure as where disruption could lead financial services and banking. 

Now Uber, the $54bn disruptor-in-chief, is moving into financial services with suggestions that it is planning to lend money to its legions of drivers, according to several media reports. 

The firm, according to drivers referenced in Recode/Vox, has been surveying its fleet regarding their financial situation and appetite for loans suggesting it is prepping a suite of financial products. 

Of course, Uber is keeping quiet and refusing to comment on the reports but it has not stopped speculation as to how the firm could leverage its huge data machine and network of 3 million drivers to make moves into banking and lending.

Uber was also reported to be hiring great swathes of people back in June with direct fintech expertise.

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