NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, June 13, 2019

By John Detrixhe

Uber, the cash burning ride-hailing service, is reportedly making a big push into financial technology. It’s a move that Asian mobility companies have been adopting since at least 2015.

Uber is looking to hire dozens of staff in New York, drawing from the city’s pool of engineers with experience in financial services, according to CNBC, citing unidentified sources. The team could, over time, expand to more than 100 workers and may focus on payments (reducing transaction costs) and providing financial services for drivers and contractors. Even more radically, the company is debating the feasibility of launching bank accounts, according to the report. Uber already operates the Uber Cash app and launched a branded credit card a few years ago.

Photo courtesy of kAz.