Leading ride-sharing service Lyft is acquiring FREENOW, a multi-mobility app primarily focused on taxi-hailing services in Europe.
Lyft will acquire FREENOW from the BMW Group and Mercedes-Benz Mobility for approximately 175 million euros in cash, with the deal expected to close by the end of the year.
FREENOW operates taxi, hire car, ride-share, rental car, electric scooter, and bike services in over 150 cities across nine countries, including Ireland, the UK, Germany, Greece, Spain, Italy, Poland, France, and Austria. This acquisition allows Lyft to offer services in 11 countries, including the United States and Canada. It represents Lyft’s largest expansion outside of North America, providing services to over 50 million users annually. Both apps will offer seamless service integration.
According to Lyft, while taxi-hailing services are thriving in Europe, about 50% of bookings are made offline. FREENOW operates in major European cities, with a significant portion of its service featuring luxury cars. It is noted that approximately 90% of bookings in 2024 are expected to be for taxis.
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