Uber's strategic investment in Santiago-based fintech Galgo marks a shift in how platform companies address vehicle access for independent contractors across Latin America. The undisclosed investment will fund tailored financing products for Uber drivers and delivery partners, beginning in Mexico before expanding to Chile and Colombia during the first quarter of 2027, according to a joint announcement from both companies.
The deal addresses a persistent constraint for gig-economy platforms: many workers lack the capital or credit history to purchase motorcycles, which are essential for delivery and ride-hailing in congested urban markets. For employers building operations in the region, the partnership signals both the scale of the independent contractor workforce and the infrastructure gaps that still shape labor supply.
Uber backs Chilean fintech Galgo to finance motorcycles for LATAM drivers
Founded in Chile in 2018 under the name Migrante, Galgo initially served migrants seeking formal credit to purchase motorcycles. The company entered Mexico in 2022 and Colombia in 2023, acquiring fintech CrediOrbe as part of its Colombian launch. It now operates through a network of more than 2,000 partner dealers across all three markets.
Galgo has financed more than 200,000 people and approximately 7,500 motorcycles per month. The company has raised over $100 million in equity and secured more than $350 million in credit lines. Revenue is growing 50% annually, and Galgo reached net income breakeven in the third quarter of 2026, according to co-founder and chairman Diego Fleischmann.
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Uber's investment will support development of financing products designed specifically for its driver and delivery partner base, fund Galgo's expansion into a fourth Latin American country in early 2027, and increase investment in technology, data, and artificial intelligence.
How Galgo's expansion signals growing demand for gig-economy worker financing
The partnership reflects broader labor market dynamics that matter to companies hiring or contracting in Latin America. Motorcycle ownership directly affects the size and reliability of the delivery and ride-hailing workforce, particularly in markets where public transit is limited and car ownership remains out of reach for many workers.
When workers cannot access affordable vehicle financing, platforms face higher churn, smaller labor pools, and pressure to subsidize equipment acquisition. For businesses evaluating whether to build direct employment models or rely on platform partnerships, the Galgo deal illustrates the hidden costs and dependencies in contractor-based models.
Employers building teams in markets like Colombia's fintech and delivery workforce or hiring gig-economy talent in Mexico should note that credit access remains uneven. Traditional banks often exclude applicants without formal employment or extensive credit histories, creating openings for specialized lenders but also signaling that many skilled workers face structural barriers to economic participation.
Co-founder and co-CEO Sebastián Parot stated that the Uber investment allows Galgo to focus on the gig economy segment and expand in markets where Uber operates. The company aims to grow from $100 million in annualized revenue to $500 million by 2030.
Co-CEO Francisco Eterovic noted that Mexico and Colombia alone sell nearly 3 million new motorcycles annually, with double-digit growth, yet much of that demand cannot access financing under adequate conditions. Galgo ranks among the four largest motorcycle financing players in each market where it operates.
Motorcycle financing rollout to Mexico, Chile, and Colombia through 2027
The phased rollout will begin in Mexico, where Galgo has operated since 2022, before expanding to Chile and Colombia in the first quarter of 2027. The staggered approach reflects a common pattern: even well-capitalized partnerships move cautiously when entering markets with distinct regulatory environments, credit bureau infrastructures, and consumer protection frameworks.
Employers building operations in Chile, for example, face different labor law requirements and benefits expectations than those working with a Chile recruitment agency to hire full-time staff. The partnership also highlights how platform companies are moving beyond pure marketplace models to invest in the financial infrastructure that supports their contractor base. This vertical integration can improve worker retention and platform reliability, but it also raises questions about the long-term employment classification of workers who depend on platform-backed financing to perform their roles.
Federico Chester, Uber's Head of Latin America Business Development, said Galgo has built a unique financing business in the region that can scale and effectively reach people traditionally excluded by the financial system.
BofA Securities served as financial advisor to Galgo in the transaction. The company employs more than 600 people across its three current markets and counts Chilean investors Kayyak Ventures, FEN Ventures, Copec Wind, and Fynsa among its equity backers, alongside Nazca VC.