FinTech Partnerships: The Path to Reach New Underbanked Customers

The need for FinTech innovation is probably not the first thing that comes to mind in a conversation about Lyft, but it’s actually a major factor that keeps their marketplace from growing.

Think about it: the estimated annual cost associated with being a Lyft driver is over $3,000, to cover insurance, gas, and car maintenance. Drivers have to deal with complicated 1099 taxes, irregular payment cycles, and car payments if they do not already own their vehicle.

For these reasons and more, rideshare companies like Lyft and Uber have quickly learned that they need to partner with financial technology companies — often startups — in order to help drivers

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