Uber Reportedly Looking to Expand into FinTech
Uber

Uber Reportedly Looking to Expand into FinTech

Just over a month after its initial public offering, Uber is apparently looking to diversify its offerings while still pleasing their target demographic. According to a CNBC report the ride-hailing company is now eyeing an expansion into the realm of FinTech. While it’s unclear exactly what these plans would entail, it seems that internal efficiencies along with perks for customers could all be in the cards.

Reports suggest that Uber is now in the process of hiring engineers and product managers for potential financial technology endeavors. CNBC sources say this team could eventually grow to 100 workers who would be tasked with creating so-called “payment experiences” that will attract Uber customers. Additionally the FinTech team would seek solutions for reducing costs and creating financial tools for the companies large stable of independent contractors.

Incidentally, speaking to the “payment experience” goal, the company has previously introduced their Uber Cash offering that allows customers to save by purchasing credits in advance. More recently the service has unveiled a rider loyalty program. It’s also worth noting that Uber has a co-branded credit card with Barclaycard that emphasizes dining and travel more than just Uber rides themselves. This would imply that the company is open to products that attract the demographic they’re chasing even if they don’t directly promote their core products.

Looking into the long term, CNBC says there are also rumblings that Uber might be considering offering its own bank account. That might sound far fetched but it actually might not be the strangest brand-bank partnership to debut in recent memory. For example telecom T-Mobile recently rolled out a banking offering available to all that included bonus perks for its wireless customers. To be clear, it’s unlikely that Uber would pursue a bank charter of their own and would instead partner with an existing institution like many FinTechs before them have done.

Given how often Uber is mentioned in conversations about FinTech and the trend of various companies putting their own spin on banking services, it probably shouldn’t be a shock that Uber is apparently exploring the possibilities. If strong reviews for their co-branded credit card are any indication, consumers may be willing to embrace some of the company’s new efforts even if they may seem strange at first. With the company’s stock now back in line after a less than stellar IPO, it will certainly be interesting to see if Uber’s potential FinTech efforts will continue to “lift” them up in the coming years.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox
Travelers with two Best Western Credit Cards

Best Western Debuts Two New Rewards Credit Cards

After pausing applications for their previous rewards card, the hotel chain Best Western has unveiled a new pair of rewards credit cards with a new issuer. About the Best Western cards: Best Western is partnering with First Bank & Trust and Mercury Financial to introduce two new co-branded credit cards. First up is the no-annual-fee Best Western Rewards Visa Signature Card. With this card, customers can 4x points on Best...
Marriott Bonvoy card and a woman on vacation

Marriott Bonvoy Bold Card Launches Travel Contest

Chase and Marriott Bonoy have unveiled a special contest while continuing to offer its best-ever welcome bonus. About the welcome bonus and Bold Chat Court Contest: Marriott Bonvoy and Chase have launched a special opportunity called the Bold Chat Court contest. As part of this contest, 10 lucky travelers will be awarded 500,000 Marriott Bonvoy points (for a total of 5 million) as well as $5,000. For this contest, the...
Bilt and All Reward logos

Bilt Adds 2 New Transfer Partners Including First 3:2 Transfer Rate

Bilt is once again expanding its travel transfer rewards program — and is even breaking the mold with one new partner. About the new additions to Bilt: This week, Bilt launched partnerships with two more travel brands: TAP Air Portugal and Accor. As a result, Bilt members will now be able to transfer their points to Miles&Go and ALL Reward, respectively. In total, Bilt now has 18 transfer partners including 13...
Fioney Top 10 Must-Read Personal Finance Articles Septemeber 2024

Top 10 Personal Finance Articles of the Month — September 2024

Welcome to Fioney's look at the top 10 personal finance articles of the month. On the first Friday of each new month, we look back at some of our favorite posts published in the weeks prior and highlight them right here. This includes a mix of sites that have become staples of our lists as well as many first-timers. To start things off this month, we'll look at some articles...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...