inDrive Improves Financial Inclusion in Colombia With Launch of inDrive Money

Seventeen cities across Colombia will now have access to inDrive Money, a service that offers income-based financing to drivers, as inDrive, the global mobility and urban services platform expands its service into the country. 

Drivers will now be able to access cash loans of up to COP 1,000,000 ($240) for a flexible period of three to five months. This will depend on their activity on the inDrive app.

Having originally launched in Mexico in February 2024, inDrive Money improves financial inclusion for gig economy workers. This is particularly impactful as freelancers have traditionally been underserved in Latin America, and Colombia is no different.

Using inDrive Money, freedom of choice for both service users and service providers is ensured. Additionally, drivers using the service will be able to 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.

Creating greater inclusion in Colombia

Alina Zavorokhina, head of business and product at inDrive Money

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. This enables 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

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.”

Why take out a loan?

A recent survey of inDrive drivers revealed that 72 per cent would recommend inDrive Money to their colleagues and friends. When asked about their reasons for taking out a loan, 32 per cent cited ‘vehicle maintenance or repair’ as the top reason, followed by ‘covering personal expenses’ at 28 per cent. Drivers highlighted key benefits of the service. They included financial support during challenging times, transparent information, and the convenience of accessing loans and making payments directly through the app.

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