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Lyft Grows as Ride-Sharing Takes Off

HomeNews hubTravel NewsLyft Grows as Ride-Sharing Takes Off

Our partners at Lyft are expanding their presence in the global ride-sharing industry on the back of strong growth. This is particularly true in the business travel sector, as more and more travelers become comfortable with the convenience and value of ride-sharing.

Lyft’s market share has more than doubled over the last year, from 4% to 11%. According to a recent statement from Lyft, "We are seeing more organizations partner with Lyft for Business because we can provide a centralized bill, which eliminates the need for rides to flow through expense platforms in the first place”.

This good news comes on the heels of a huge $1 billion funding round for the company, led by Google parent company Alphabet. While their competitor Uber remains larger, Lyft is consistently building market share and this investment will provide stable funding for future expansion. As the competition between the two largest ride-sharing apps in North America continues, the sector continues to grow. More people chose to use ride-sharing in the last 12 months than ever before, with the increase coming at the expense of taxi and car rental, each of which fell by 1% in the last quarter.

Lyft’s growth is especially pronounced among business travelers. Lyft grew from 3 percent of expensed ground transportation in the second quarter this year to 11 percent by the end of quarter 3.

Ask your travel manager about our partnership with Lyft, and whether their transparent and flexible service may be right for your travel plan.