Uber's IPO filing offers a glimpse into its massive card business:
Creative Lab / Shutterstock.comThe filing offers a glimpse into Uber's massive card business, underscoring its potential to further establish a position in financial services.
Uber counted nearly $50 billion in gross bookings in 2018 — 87% of which were made through debit or credit cards. Gross bookings are defined as the total dollar volume, including taxes, tolls and fees, across Uber's services. Gross bookings rose 45% annually last year from $34.4 billion in 2017, and up 79% from $19.2 billion in 2016.
The volume of users who store card information in Uber represents a large addressable base the firm can target more offerings to. And while the plurality of bookings were made via debit or credit, Uber also offers other payment options, like Uber Cash, a service thatcustomers to add funds to a stored-value account that they can use to pay for Uber services like rides or Uber Eats, which it launched late last year.
Uber saw $43.5 billion in card volume in 2018. The firm didn't disclose how much it paid to accept cards in 2018, but Uber paid $749 million in credit card processing fees in 2017, up 62% from $461 million in 2016, making it likely that its card processing fees increased last year alongside increases in volume.that the firm is far from sustained profitability, but going public could position Uber well to build out a more robust — and potentially lucrative — financial services segment.
Uber can mirror Southeast Asian ride-hailing giant Grab's strategy to build out financial services into a separate arm. Ride-hailing services have been pushing deeper into financial services — spearheaded by Grab, which is reportedly considering
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