Fare Co-op empowers gig workers and drivers by providing them with alternative employment opportunities, skill development, and a stake in the local mobility market.
(PRUnderground) June 18th, 2024
Based upon the transformative technological advancements, Direct Global is pleased to announce the launch of a visionary international cooperative with the foresight to adapt and thrive beyond the era of autonomous vehicles. This hybrid cooperative/corporate approach aims to create a fairer, more sustainable future by giving drivers a direct stake in the company.
“Powered by a groundbreaking driver-owned ride-hailing and taxi booking platform, Fare Co-op is set to transform the transportation industry with its innovative model offering ownership and equity to drivers.” explained Ahmed Attia, founder and CEO of Direct Global. This hybrid cooperative/corporate approach aims to create a fairer, more sustainable future by giving drivers equity in the company.
Fare Co-op brings its driver-centric model to major urban centers targeting taxis, black cars and other livery vehicles. In California, Fare Co-op will be launching fully to all drivers including ride-hailing.
Unlike traditional ride-hailing platforms, Fare Co-op is a multi-stakeholder federated cooperative prioritizing the interests of its member drivers, who gain a voice in shaping the platform’s future.
“As robo-taxis begin to navigate our streets, this cooperative stands as a beacon of sustainable innovation, ensuring that the march of progress leaves no one behind. It represents a collective commitment to a future where technology enhances human livelihoods rather than diminishes them, setting a new standard for how industries can evolve without forsaking their workforce.” said Edward Escobar, founder of the Alliance for Independent Workers and the #DriversUnite movement.
Fare Co-op’s model adapts to the evolving transportation landscape, especially the shift towards driverless vehicles. Fare Co-op is committed to helping drivers finance these vehicles through their equity in the co-op, ensuring they can continue earning, unlike other platforms that will throw their drivers to the curb in their move towards automation.
Fare Co-op distinguishes itself in a market dominated by Uber and Lyft by reducing rates by 20% compared to Uber, benefitting customers with lower fares while ensuring drivers receive 90% of the fare, promoting sustainable income for drivers.
For customers, Fare Co-op offers significant advantages. With rates 20% cheaper than Uber, passengers enjoy cost-effective rides with superior safety and customer service. By choosing Fare Co-op, customers support a driver-owned platform valuing fairness and sustainability.
The platform, launching in multiple languages (English, Spanish, French, Arabic, and German, with many more to be added), includes features such as a referral program, preferred driver requests, a fleet management portal, and an integrated wallet, among others. Safety is a top priority, with only verified drivers who pass rigorous background checks allowed on the platform. The platform employs advanced AI to learn to identify and address potential safety risks, ensuring the well-being of both drivers and customers. The platform also integrates emergency services and proactive safety features to maintain a secure environment for all users.
The equity structure was developed by the Fare Co-op team, including Ahmed Attia, founder and CEO of Direct Global, Nicholas Thadaney, former President CEO of the Toronto Stock Exchange, David Olsen, Chairman of the American Chamber of Commerce in Canada, Edward Escobar, founder of the Alliance for Independent Workers and #DriversUnite and current CEO of Local Driver Co-op Federation (Fare Co-op), Jeffrey Steiner, former President and CEO of the Toronto Economic Development Corporation, and Alessandro De La Torre, head of Social Media for the United Nations. This model is based on VISA’s multi-stakeholder federated cooperative model created by Dee Hock in 1967, which led to the largest IPO in U.S. history in 2008.
“By empowering drivers with ownership and equity, Fare Co-op aims to redefine the ride-hailing industry, fostering fairness and sustainability. As it launches in North America, investors, customers, and drivers can anticipate a revolutionary platform that truly prioritizes the needs of those who make it possible.” added Ahmed Attia.
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Original Press Release.
