inDrive, a global mobility and urban services platform operating in 46 countries, has announced the launch of inDrive Money, its first financial product in Colombia. The initiative, which aims to enhance financial inclusion for drivers operating on its platform, will be carried out in partnership with R2, a Latin American fintech specialising in financing for small and medium-sized businesses.
Currently available in 17 cities across Colombia, the new product offers income-based financing to drivers, enabling them to access cash loans of up to COP1,000,000 ($240) for a flexible period of 3 to 5 months, depending on their activity on the inDrive app.
Due to its integration with the inDrive app, drivers can easily apply for loans, check balances, and make repayments as they earn from trips
Loan payments are automatically deducted alongside the inDrive commission on each ride, enabling drivers to seamlessly manage their finances while continuing to use the app as normal.
inDrive Money first launched in Mexico in February 2024, with the aim of improving financial inclusion for gig economy workers who have historically been underserved by traditional financial institutions. inDrive’s diversification into financial services aligns with the company’s overarching “supermission” to challenge injustice, including by offering more equitable solutions, and ensuring freedom of choice for both service users and service providers.
Alina Zavorokhina, Head of Business and Product at inDrive Money, commented: “inDrive Money is a clear example of the mutual trust between us and the drivers and our commitment to challenging injustice. We know that it can be very difficult to access traditional banking on fair terms these days. Thanks to inDrive Money, drivers will get an opportunity to access loans in our app, enabling them to invest in their business or improve their economic well-being more generally with the support of our partner R2.”
Roger Larach, Co-Founder and Chief Executive Officer of R2, added: “We are thrilled to collaborate with inDrive in providing loans to their drivers across more than 17 cities in Colombia. Following the success of a similar program launched in Mexico a few months ago, we are excited to expand this partnership to better serve inDrive’s drivers in Colombia. Our embedded solution within the inDrive platform allows for quick, easy, and seamless access to capital, advancing financial inclusion throughout the country. Instead of relying on traditional credit history, we evaluate drivers based on their activity within the inDrive platform, rewarding their positive driving behaviour.”
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