Through the inDrive app, drivers will be given access to cash funding of up to approximately USD 606 (IDR 10.000.000) and the possibility to repay it securely through their rides. The launch is expected to optimise the manner in which drivers cover urgent expenses such as vehicle repairs and daily necessities.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
As gig workers worldwide struggle to access financial services due to their informal employment status, traditional financial institutions often require proof of income, making it difficult for workers to secure financing and forcing them to rely on alternative lenders with high commissions. With this in mind, inDrive and Fingular aim to address this challenge, focusing on financial inclusion and the overall process of improving the quality of life of the financially underserved.
In addition, the companies will also introduce a universal and scalable technology that delivers a transparent and secure financial service, aiming to provide drivers with improved access to cash funding for urgent expenses, all being integrated within the inDrive application.
According to the official press release, repayments will be deducted per ride at a 10-15% commission, with a three to five-month repayment period and personalised monthly transactions. At the same time, by leveraging its experience with its driver ecosystem, inDrive will use ride frequency, monthly income, and other key data points in order to assess drivers' creditworthiness, allowing its partners to offer optimised funding terms.
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