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.
TORONTO, June 18,
2024 /PRNewswire/ -- 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.
Press Contact:
Danny Golnik
(416) 836-4455
http://www.fare.coop
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SOURCE Direct Global