The on-demand economy needs a fintech boost as well. Uber just partnered with SocietyOne, an Australian peer-to-peer marketplace lender. The partnership is intended to offer car loans from between $5000 and $35,000 to new and existing Uber drivers, with interest rates starting at 6.45%. This is a beginning of what may be a growing trend, where tech giants start providing in-house or white-labeled loan offering to their users. Will Amazon and Google start lending to their customers as well? Could very well be.
"This is a great example of Australian businesses that are out there acting in nimble and agile ways,” he says. According to the ride-sharing app, 10-15% of new driver applications come from people who either don’t have a car or whose car is more than nine years old, preventing them from joining the startup’s ever-growing fleet of drivers. The startup has also formed four other partnerships with startups to assist drivers in this situation.