Key facts
- Uber is investing in Galgo, a lender focused on motorcycle purchases in Latin America.
- The partnership aims to provide financing products tailored for Uber drivers and delivery workers.
- The initiative will launch in Mexico and expand to Chile and Colombia by early 2027.
- Galgo plans to use the investment for expansion and technology development, including AI.
- Galgo aims to increase its annualized revenue to $500 million by 2030 from approximately $100 million currently.
- Galgo has achieved net income break-even in the most recent quarter.
Uber is investing in Galgo, a Latin American lender that specializes in financing motorcycle purchases, as part of a strategy to broaden access to vehicles for its drivers and couriers. The partnership, announced by the companies on Wednesday, is set to commence in Mexico before expanding to Chile and Colombia in the first quarter of 2027.
Galgo, which provides motorcycle sales and financing to customers with limited access to traditional credit, stated that the investment will fund tailored financing products for Uber's workforce. The funds will also support Galgo's expansion into a fourth Latin American country in early 2027, alongside investments in technology, data, and artificial intelligence.
The deal highlights Uber's increasing interest in vehicle financing and the significant role motorcycles play in Latin America for transportation and delivery services. Galgo's co-founder and co-Chief Executive Sebastian Parot indicated the company's ambition to reach $500 million in annualized revenue by 2030, up from its current $100 million. Founded in 2018, Galgo has raised $100 million in capital to date and is experiencing approximately 50% annual growth, having recently achieved net income break-even.