Stripe, a longtime partner of Lyft, signs a big deal with Uber

Variety
03-05-2023 | 09:04
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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

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 US, the UK, Canada, Mexico, Australia and Japan.

Some context on this deal: Uber’s big US 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 US 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.
 

Stripe

Longtime

Partner

Lyft

Signs

Big

Deal

Uber

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