Uber Launches Uber Money Team Amid Fintech Investment Boom
Uber introduces its new Uber Money team to develop financial products for drivers, signaling larger fintech ambitions as venture capital pours billions into the sector.
Uber introduces its new "Uber Money" team to develop financial products and technologies, reflecting a broader trend of startups moving into banking services. With more than $13 billion in venture capital invested in U.S. fintech companies so far in 2019, the ride-hailing giant's latest move signals potential expansion in the financial technology space.
The Uber Money team focuses on providing real-time earnings for drivers through an Uber debit account and debit card, which offers 3 percent or more cash back on gas. Additionally, the company plans to launch Uber Wallet, a digital wallet designed to help drivers track their earnings more easily in the coming weeks.
This initiative builds on Uber's existing foundation in frictionless payments and its previous launch of a consumer credit card. With 100 million monthly active platform consumers across Uber and Uber Eats, the company possesses a massive user base that positions it well for deeper fintech ambitions as it searches for paths to profitability.