Uber IPO Filing Shows a Tech Vibe Tempered by Insurance and Fees
Photographer: Victor J. Blue/Bloomberg
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Uber Technologies Inc.’s initial public offering chronicles how a “watershed moment” gave birth to a disruptive platform with more than 3 million drivers. But it also shows the ride-hailing startup can’t avoid pains of the staid business world: Insurance and payments.
Uber has been contending with rising costs for insurance and to accept debit and credit cards, which pay for the vast majority of bookings. In 2017, insurance costs jumped by $1.3 billion, while card-processing fees increased 62 percent to $749 million, according to Thursday’s IPO filing.