Financing 100,000 Entrepreneurs
Last week Uber rolled into our 60th city – Moscow. It was Cali, Tokyo and Montreal the week prior. Jacksonville and Abu Dhabi the week before that. Our global growth is happening fast. But not only are we launching new cities every week, the demand for Uber within each city is also climbing quickly. That trajectory has been particularly remarkable over the past year:
- Global growth greater than 20% per month in each of the last two months
- Many cities already generating more than $100mm/year
This kind of expansion means hundreds of thousands more cars must come onto the Uber system. So, in true Uber fashion, we’re finding innovative ways to power billions of dollars in car purchases. Today, we are launching the pilot of a financial platform – initially available in San Francisco, Dallas, Chicago, New York, Philadelphia and Boston – that will significantly reduce drivers’ monthly car payments, help partners previously unable to obtain financing and get more cars on the road more quickly. Uber is all about moving people, and with this financing platform we look forward to doing that for 100,000 transportation entrepreneurs and their millions of Uber customers.
Uber is partnering with auto manufacturers – GM and Toyota – and leading financial institutions to reduce operating costs for drivers and get cars on the road faster. The key to this new platform? Uber partner-drivers have a robust, reliable cash flow through the Uber platform – every fully utilized car on the Uber system grosses over $100,000/year. That kind of cash flow lowers the risk of financing drivers and means better access to cheaper credit than otherwise available on the open market.
The earning potential of a driver on the Uber platform is unmatched across the industry, and Uber’s growth and expansion mean those earnings will continue for years to come. This program is the first in a series of steps that will help Uber scale in existing and new cities. By streamlining capital investments for existing and would-be drivers, this program also brings the Uber opportunity of turnkey entrepreneurship within reach to even more drivers across the country.
Today, I’m excited to announce that Arianna Huffington will join Uber’s board. For those of us who know Arianna, it’s clear she knows a thing or two about being an entrepreneur. As the founder and editor-in-chief of The Huffington Post, she’s built one of the most successful, innovative media companies in the world… from scratch. […]