Ride-hailing company Lyft reports strong growth in its corporate travel business.
The number of riders using Lyft for business increased 221 percent from the second quarter of 2017 to the second quarter of this year. Notably, 25 percent of that growth occurred in the second quarter of 2018 alone.
This momentum follows Lyft’s strategic push into the corporate market, marked by partnerships with major corporate travel and expense platforms such as American Express Global Business Travel, Concur and Expensify.
Lyft is currently the world’s second-largest ride-hailing provider for both personal and corporate travel, behind Uber. While Uber still represents the largest share of corporate travel spend—about 75 percent—Lyft’s share has been growing and Uber’s share has declined.
Lyft also reports that one in four Fortune 1,000 companies now uses the Lyft Business program. A key incentive in that program is a $5 reward for every five rides taken for business, which helps encourage adoption among corporate users.