inDrive launches integrated financial services product for drivers

inDrive has introduced its inaugural integrated financial services offering, named inDrive Money, which provides cash loans to drivers utilising 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.

Financial inclusion for underserved communities

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 can apply for loans, check balances, and pay back 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.

Executives from inDrive said they are happy to announce the launch of their new business vertical, inDrive Money. They have repeatedly from drivers that it was very difficult to access lending on fair terms. Their surveys of drivers show that 68% of respondents in Mexico would be interested in receiving a loan. Now, inDrive is using technology to unlock new opportunities for drivers as a way of challenging social injustice. Their partnership with Mastercard, R2, Galileo, GIRO, and others has enabled inDrive to offer 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.

Following the launch of cash loans and credit cards in Mexico, they aim to expand the scope and geography of inDrive’s financial services offering as they continue to diversify inDrive’s business while delivering rapid and sustainable growth.

What does inDrive do?

inDrive is a global mobility and urban services platform headquartered in Mountain View, California, USA. The inDrive app has been downloaded over 200 million times. In addition to ride-hailing, inDrive provides an expanding list of urban services, including intercity transportation, freight delivery, task assistance, courier, and B2B delivery.

inDrive operates in 749 cities in 46 countries. It supports local communities via its peer-to-peer pricing model and community empowerment programmes, which help advance education, sports, arts and sciences, gender equality, and other vital initiatives.