Uber Surveys Drivers About Small Loans Amid Fintech Hiring Spree
Uber is exploring a new financial product for drivers, sending in-app surveys about small loans under $1,000. This move follows a recent hiring spree of over 100 fintech workers in New York.
Uber explores new financial products for its drivers by sending out in-app surveys about potential small loans. The questionnaire asks drivers about their past use of loans under $1,000 and what amounts they are most likely to request. This development follows Uber's recent hiring of over 100 fintech-focused tech workers in New York to build products that increase driver and rider loyalty.
The ride-hailing company already has experience in offering financial services to its workforce. Uber previously provides cash advance programs to drivers in California and Michigan, though it faces criticism that these programs resemble payday loans. The company also maintains a co-branded credit card with Visa and offers vehicle leases to its drivers.
Uber is not alone in offering small cash loans to its workers, as companies like Walmart already provide payroll advances to employees. However, the massive expansion of Uber's fintech team indicates that these loan surveys represent just the beginning of its broader financial ambitions. Uber does not comment publicly on the survey or provide a timeline for a potential small loan product launch.