We live in a new era in which companies emerge with a purpose that goes beyond making money. Some even argue that “capitalism can reinvent itself” and that companies can make a difference in the world.
This is what inDrive aims to do, a global mobility and urban services platform that emerged in 2012 in Siberia, which seeks to challenge injustices.
The company currently operates in 749 cities in 46 countries around the world, including Mexico, where it began operations in 2018. Here, in addition to travel, it offers an extensive list of urban services, including city-to-city transportation, freight, assistance services and deliveries.
inDrive operates in 749 cities in 46 countries around the world. Motivated by its mission to challenge social injustice, the company is committed to positively impact the lives of 1 billion people by 2030. inDrive pursues this goal through its business operations, which support local communities through a fair pricing model , as well as through the initiatives of inVision, its nonprofit division.
Transform the digital financial ecosystem
A couple of weeks ago Mark Loughran, president of inDrive, visited Mexico to present inDrive Money, its financial services offering with which it aims to challenge financial injustices in the country. These are personal loans and a credit card for your drivers.
During the presentation, the manager recalled that mobility is a critical issue for people's lives. And we all need to travel, whether to see a friend, visit a family member, go to the doctor or go to work. “This is an important issue and not a luxury, something that became evident during the time of the Covid-19 pandemic,” he warned.
Technology at the service of humanity
Loughran recalled the origins of inDrive (Independent Drivers), which emerged on New Year's Eve in 2012. It was when in Yakutsk, one of the coldest regions of Siberia, Russia, the temperature dropped to minus 45 degrees.
Taxi drivers at that time doubled their rates, leaving the community stranded in the cold. Then people, supported by the use of cell phones and the use of social networks, began to agree to negotiate fairer prices between passengers and drivers. Those were the beginnings of this global platform, which in 2023 was positioned as the second most downloaded mobility app globally.
inDrive Money
With the ambition to transform Mexico's digital financial ecosystem, inDrive launched inDrive Money, its integrated financial services platform. This new business unit began operations exclusively in our country, with a view to replicating the model in other territories. It focuses its products on the final consumer under a B2B2C scheme (business to business to client).
These are loans for drivers registered in inDrive, which have a limit of 15,000 pesos and an average term of three to five months. Drivers can choose to pay for it directly or through inDrive trips.
In the pilot launch, drivers used these loans for car repairs, car maintenance, and emergency personal expenses. The company highlighted that 57% of drivers, after paying their first loan, ask for another one.
On the other hand, company data shows that 66% of inDrive drivers do not have a credit card, but would like to have one to develop or improve their credit history and make payments more comfortably. For this reason, the company that emerged in Siberia also launched a credit card aimed at its drivers.
The credit card is supported by Mastercard, Galileo and GIRO. It has a revolving limit of up to 10,000 pesos. The request is made through the inDrive application and can be picked up the same day it is approved.
Loans are available to drivers in 28 cities across the country, in partnership with established financial institutions such as R2.
Marisol García Fuentes Editorial Director Emprende and Emprendedor.com. I am motivated by stories of tenacity and innovation.