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Uber said to be expanding into fintech, boosting NYC hiring

Calder McHugh
Associate Editor

Uber (UBER) may be looking to branch out into the financial technology (fintech) industry, which includes a hiring push in New York City and may eventually include banking, CNBC reported on Monday.

The ride-sharing giant, fresh off of its IPO, is looking to hire a team focused on the creation of new financial products, according to the report. The team will be based in the Big Apple, where Uber already maintains a large presence, and could ultimately exceed over 100 employees.

CNBC also reported that the new team could begin the planning stages for the creation of possible bank account, though the launch could still be years away.

In theory, a bank account would give the company control of all payments made by customers, and may undercut the need to pay other banks transaction fees for ride-sharing or food delivery.

NEW YORK, NEW YORK - MAY 10: Uber CEO Dara Khosrowshahi (center) joins other employees in ringing the Opening Bell at the New York Stock Exchange (NYSE) as the ride-hailing company Uber makes its highly anticipated initial public offering (IPO) on May 10, 2019 in New York City. (Photo by Spencer Platt/Getty Images)

Uber did not immediately return Yahoo Finance’s request for comment.

Uber, based in San Francisco, has expanded its New York operations of late, as the company looks to increasingly move into the financial services industry. The company lost around $1 billion last quarter, but is rapidly plowing money into “other bets” like freight transport and autonomous driving.

While Uber already has two large offices in New York, Crains recently reported that it’s looking for a much larger office space that is somewhere between 250,000 and 300,000 square feet in the city.

Calder McHugh is an Associate Editor at Yahoo Finance. Follow him on Twitter: @Calder_McHugh.

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