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Stripe, a Longtime Partner of Lyft, Signs a Big Deal With Uber
source link: https://tech.slashdot.org/story/23/05/03/2129258/stripe-a-longtime-partner-of-lyft-signs-a-big-deal-with-uber
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Stripe, a Longtime Partner of Lyft, Signs a Big Deal With Uber
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An anonymous reader quotes a report from TechCrunch: Growth at $50 billion fintech Stripe has been slowing this year, but one of its key strategies to reverse that course got a decent push today: Stripe is announcing that it has inked a "strategic payments partnership" with Uber. The pair will work together initially on selected services in eight of Uber's biggest markets, including the U.S., the U.K., Canada, Mexico, Australia and Japan. Some context on this deal: Uber's big U.S. rival Lyft has been a longtime marquee customer of Stripe's for payments, and whether or not it was true, that was one reason some assumed Uber and Stripe would not work together. Uber is, however, a much bigger beast, at close to $100 billion transacted annually (Stripe processed $817 billion last year). And Uber is not just a force globally but in the U.S. specifically, where one estimate from YipIt (via WSJ) puts Uber's rideshare market share currently at a whopping 74%.
Lyft will remain a customer of Stripe's, Stripe president Will Gaybrick confirmed to TechCrunch. Financial terms of the deal are not being disclosed, but as with the rest of Stripe's payments business, a big component will come from commissions that Stripe will make from each transaction that it powers on Uber's platform. The Uber partnership, expected to be announced formally later today at Stripe's user conference, comes on the heels of recent enterprise deals Stripe has inked with Amazon, Microsoft and BMW. But this partnership -- for now at least -- is not a global adoption of all that Stripe has to offer. Uber will be using Stripe to break into a specific, new payments frontier. Specifically, it will integrate Stripe Financial Connections and Link to let users import banking details to pay for services like Uber Rides and Eats directly from bank accounts, giving users a payments alternative to credit or debit cards.
Lyft will remain a customer of Stripe's, Stripe president Will Gaybrick confirmed to TechCrunch. Financial terms of the deal are not being disclosed, but as with the rest of Stripe's payments business, a big component will come from commissions that Stripe will make from each transaction that it powers on Uber's platform. The Uber partnership, expected to be announced formally later today at Stripe's user conference, comes on the heels of recent enterprise deals Stripe has inked with Amazon, Microsoft and BMW. But this partnership -- for now at least -- is not a global adoption of all that Stripe has to offer. Uber will be using Stripe to break into a specific, new payments frontier. Specifically, it will integrate Stripe Financial Connections and Link to let users import banking details to pay for services like Uber Rides and Eats directly from bank accounts, giving users a payments alternative to credit or debit cards.
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