Monday, May 20th 2019 1:09 AM

Market Digest Nigeria


Uber rival Lyft met with London transport officials ahead of possible international expansion

Lyft, Uber’s closest U.S. rival in the taxi-hailing business, met repeatedly with officials from London’s transport regulator over the past year, a sign it may be targeting the city for international expansion.

Transport for London (TfL), which oversees taxi and private hire car operators, published details of the meetings with Lyft executives in response to a U.K. government freedom of information request in July.

If Lyft enters the London market Uber would face its first well-funded competitor in Europe when it is trying to overturn a decision by TfL not to renew its license. Lyft has raised around $2.6 billion in financing, including an investment round of $600 million in April, according to funding tracker Crunchbase. Lyft’s investors include automaker General Motors.

London’s transport regulator on Friday said it would not renew Uber’s license to operate, citing the firm’s approach to reporting serious criminal offences and background checks on drivers.

Lyft has already signaled it is looking at expansion outside the United States. Chief Executive Logan Green told the Associated Press in August that Lyft planned to go international “in the not too distant future”.

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