Uber partners with Betterment to offer drivers retirement accounts

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fintech insurtech wealthtech regtech ai cybertech esg news

Uber is increasing the financial services that it offers its drivers through a partnership with robo-advice company Betterment.

The ride-hailing company, which is valued at $68bn, will now enable drivers across Seattle, Boston, Chicago and New Jersey to sign up for individual retirement accounts that are managed by Betterment’s investment algorithms.

Drivers can use Uber’s drivers app to open a Betterment IRA or Roth IRA free of charge for the first year. The company says there is no minimum account balance and that Betterment will provide experts to advise users through the investment process.

Uber says it plans to roll the programme out nationwide as part of its driver reward and discount platform.

The partnership to offer a retirement programme comes despite ongoing legal wrangling between the company and its drivers over Uber’s refusal to treat them as employees.

Copyright © 2016 FINTECH GLOBAL

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