Lyft, the world’s second largest ride-sharing company, is experiencing exponential growth in its corporate travel business, PYMNTS reports.
Rides for corporate travellers rose 221 per cent between the second quarter of 2017 and the second quarter of 2018, according to Lyft, and 25 per cent in the second quarter of 2018 alone.
Uber remains the leader in corporate ride-sharing — Certify reported that Uber accounts for 75 per cent of all reported travel expenses, compared to 19 per cent for Lyft — but Lyft’s market share is growing while Uber’s has declined.
The company said that one out of four Fortune 1,000 companies use Lyft Business, which rewards users with $5 in credits for every five rides taken by business travellers.
Lyft has moved aggressively into the corporate market, inking deals with American Express Global Business Travel, Concur, and Expensify.
Lyft Business also was recently upgraded to allow for easier expense reporting, allowing travellers to enter expense codes on the Lyft app and giving corporate travel managers more control over the information displayed to users.