Uber invests in Galgo to finance Latin American gig workers

Uber has announced an investment in Galgo, a Santiago-based lender specializing in motorcycle sales and financing for mass-market customers. The partnership aims to provide tailored financing products to Uber drivers and delivery workers to increase access to vehicles.

The initiative will launch in Mexico, with plans to expand into Chile and Colombia by the first quarter of 2027. The investment will also support Galgo’s expansion into a fourth Latin American country, as well as its development of technology, data, and artificial intelligence.

Galgo, which was founded in 2018, focuses on borrowers who often have limited access to traditional bank credit. The company reported growing at approximately 50% annually and recently reached net income break-even. Co-founder and co-CEO Sebastian Parot stated a goal to increase annualized revenue from roughly $100 million to $500 million by 2030.