Sharing economy behemoth Uber is partnering with Australia’s leading peer-to-peer lender SocietyOne to provide existing and potential drivers with loans to buy new cars, as the car-booking company looks to ramp up its workforce to put further pressure on the taxi industry.
The deal will provide SocietyOne, which is backed by media moguls James Packer, Lachlan Murdoch and Ryan Stokes, with access to a potentially high-growth market for lending – Uber drivers – and shows how nimble, fintech start-ups can win niche business in the digital economy from incumbent banks.
David Rohrsheim, CEO Uber Australia, and SocietyOne CEO Matt Symons outside Uber’s offices in Sydney.
In the past 18 months, the number of drivers on the UberX platform in Australia has gone from zero to 20,000. […]