After Usurping Über in Colombia, InDrive Rolls Out App-Based Financial Services & Lending

inDrive, a global mobility and urban services platform that already usurps Über in many markets around the world, has introduced inDrive Money, its first financial product in Colombia. The service aims to improve financial inclusion for drivers using its platform and is being launched in partnership with R2, a Latin American fintech specializing in financing for small and medium-sized businesses.

The service is available in 17 cities across Colombia and offers income-based financing to drivers. Loans of up to COP 1,000,000 (approximately USD 240) are available, with repayment terms ranging from three to five months, depending on driver activity on the inDrive app. The loan system is fully integrated into the app, allowing drivers to apply for loans, check balances, and manage repayments directly. Repayments are automatically deducted alongside the commission that inDrive takes for each ride, providing a streamlined solution for drivers to handle their finances without disrupting their usual app activities.

Unlike platforms such as Über & Lyft, InDrive allows the passenger to name his/her own price. Drivers also keep more of what they earn.

inDrive Money first launched in Mexico in February 2024 as part of inDrive’s broader strategy to offer financial services to gig economy workers, a group often underserved by traditional financial institutions. The initiative aligns with the company’s mission to address social inequities by offering more inclusive financial options.

Alina Zavorokhina, Head of Business and Product at inDrive Money, emphasized the mutual trust between the platform and its drivers. “inDrive Money gives drivers the opportunity to access loans directly through our app, helping them invest in their work or improve their financial well-being,” she said, highlighting the collaboration with R2.

R2 Co-Founder and CEO Roger Larach commented on the partnership’s expansion to Colombia, following its success in Mexico. “Our integrated solution allows drivers to access capital quickly and efficiently, supporting financial inclusion throughout the country,” Larach said. R2’s approach evaluates drivers based on their activity on the inDrive platform rather than relying on traditional credit histories.

A recent survey of inDrive drivers indicated that 72% would recommend inDrive Money to colleagues. The primary reasons for taking out loans were vehicle maintenance (32%) and covering personal expenses (28%). Drivers noted the transparency and convenience of managing loans directly through the app as key benefits.

For more information about inDrive Money, visit money.indrive.com.

About inDrive
inDrive is a global platform offering mobility and urban services, with over 240 million downloads. Operating in 779 cities across 46 countries, inDrive provides services ranging from ride-hailing to freight delivery and intercity transportation. The company is committed to challenging social injustices through its business practices and community programs. For more information, visit www.inDrive.com.

About R2
Founded in 2020, R2 is a fintech firm focused on enabling technology platforms to provide financing to small and medium businesses. It works with leading companies across Latin America and is backed by several investment firms. More details can be found at r2.co.

Image provided by InDrive.