inDrive, a global mobility and urban services platform operating across 46 countries, has launched its first integrated financial services product, called inDrive Money, offering cash loans to drivers operating on its platform in Mexico. Thanks to its deep understanding of potential borrowers and seamless integration into its app, inDrive Money will enable drivers who are often excluded by traditional financial institutions to access loans from inDrive’s lending partners.
With the aim of improving financial inclusion for gig workers in developing economies, inDrive Money offers cash loans to its drivers in cities across Mexico in partnership with an established financial institution. inDrive is also partnering with other institutions to offer credit cards to drivers in Monterrey. inDrive’s lending and payment partners include Mastercard, R2, Galileo, and GIRO.
Thanks to full integration into the inDrive app, drivers are able to apply for loans, check balances and pay back loans as they earn, with the loan repayments made directly as a portion of the commission that drivers pay to inDrive for each ride. This means that drivers can use the app as they normally do, and easily repay their loans at the same time. inDrive is also developing additional products that will give its drivers in-app access to a full suite of essential modern financial services.
inDrive Money cash loan and credit card interface in the inDrive app
Arsen Tomsky, inDrive founder and CEO, said:
“I am excited to announce the launch of our new business vertical, inDrive Money. I have heard time and again from drivers that it was very difficult to access lending on fair terms. Our surveys of drivers show that 68% of respondents in Mexico would be interested in receiving a loan. Today inDrive is using technology to unlock new opportunities for drivers as a way of challenging social injustice. Our partnership with Mastercard, R2, Galileo, GIRO, and others has enabled inDrive to bring our technology and insights to power fairer lending solutions that would otherwise not be available to drivers, who often do not have easily predictable income streams.During inDrive Money’s initial trial, 57% of the loans were to repeat borrowers who had already repaid their first loan. I hope that inDrive Money will enable drivers to continue improving their economic welfare via a company they already know and trust. Following our launch of cash loans and credit cards in Mexico, we aim to expand the scope and geography of inDrive’s financial services offering as we continue to diversify inDrive’s business while delivering rapid and sustainable growth.”
SOURCE: inDrive
