According to Forbes, two Latin American transportation services have merged to expand into global markets beyond Latin America.
Brazilian dockless bike and scooter service Yellow, and Mexican electric scooter startup Grin, have merged to become Grow Mobility. Grow Mobility currently operates 135,000 vehicles across six Latin countries. The combined company is looking to start operations in the US and Southern Europe in 2019, and is applying for permits to start this process.
The group expects to more than double its functions and expand its partnership with on-demand grocery delivery firm Rappi.
The current priority is to use it to explore the opportunities with their digital payment platform.
“…such as buying items at commercial partners who will then become bike and scooter stations. It may be that we need to offer the services of a fintech first without labeling ourselves as such.” Says Grow’s Brazil co-director Marcelo Loureiro.
Grow has secured funding worth $150 million in less than a month, and the group will retain the 1,100-person workforce will a move to new offices in Sao Paulo.
“As we expand, our responsibility in terms of education becomes even more key, but that’s a process where we will see increased maturity over time. Disruption always comes with a bit of noise, but changing the status quo is our mission and we are here to stay.”