NewsBreak: Uber Starts Uber Money to Create Financial Ecosystem

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© Reuters. © Reuters. – Ridesharing company Uber Technologies (NYSE:) is expanding its financial services offerings, with plans to start a digital wallet service and offer debit and credit cards.

  • The move, announced Monday, is intended to add new revenue streams to the company, which has struggled to convince investors it can be profitable. The company has been losing millions since its startup.
    • The new business, to be called UBER Money, will start by expanding Uber’s efforts to give its 4-million-plus drivers and couriers around the world access to a mobile bank account so they can get paid after each ride, Peter Hazlehurst, who will head the new division, told CNBC.
  • The service is being tested now. Debit cards are linked to an account provided by pre-paid debit card company Green Dot.
  • Uber (NYSE:) shares were up 1.5% at 1:20 PM ET (17:22 GMT). They’re still off more than 26% from their IPO price of $45.
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