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Under the program, dubbed Lyft for Work, companies including mobile-payments startup Stripe Inc. and software maker Adobe Systems Inc. will give their employees credits to use Lyft to get to and from work, Chief Executive Officer Logan Green said in an interview. Companies can choose when to give out the credits so workers use the service at certain times, with Stripe only giving credits so people who work late can take rides home from the office after 7 p.m., he said.
“It’s up to the employer to restrict the way the credit gets used,” Green said in an interview.
Lyft for Work is an expansion of the San Francisco-based company’s services. The startup this year raised $250 million in financing and has rolled out in 68 cities in the U.S., including New York earlier this year. Lyft competes with Uber, which raised $1.2 billion at a $17 billion valuation in June and is now in early talks to raise another $1 billion, people familiar with the situation have said.
In July, Uber rolled out a service for business travelers that was adopted by Salesforce.com Inc. and Deutsche Bank AG. Morgan Stanley earlier this month announced it was also signing on with Uber so employees could use the service for company trips.
Lyft and Uber have been embroiled in allegations that each company is poaching the other’s drivers. Lyft sued one of its former executives, Travis VanderZanden, on Nov. 5 for breach of contract after he defected to Uber.
Green said Lyft has increased rides and revenue by five times since the beginning of the year, without providing specific numbers. Other partners for Lyft for Work include Yelp Inc. and Postmates Inc.
To contact the reporter on this story: Serena Saitto in New York at firstname.lastname@example.org To contact the editors responsible for this story: Pui-Wing Tam at email@example.com Reed Stevenson.