FREENOW strategic focus on taxi business resulting in break-even
30th of September, 2024 – FREENOW, Europe’s multi-mobility app with taxi as its core, has achieved break-even. Its new strategic focus on the taxi business led to a respective revenue growth of 13% year on year (08/2024). This achievement was announced today by the CEO of FREENOW, Thomas Zimmermann, during his keynote speech at Bits & Pretzels 2024 in Munich.
This achievement underscores FREENOW’s position as a strong force in the mobility sector, driven by its strategic focus on taxis. Operating across European countries, including Germany, United Kingdom, Ireland, France, Spain, Poland, Italy, Greece and Austria, FREENOW has strengthened its foothold in urban mobility by consistently delivering reliable, safe, and accessible transportation services, along with partnering with several multi-mobility providers to offer various mobility options within one app, including E-Bikes, E-Scooters, Car-Sharing or Car Rental.
Thomas Zimmermann, CEO of FREENOW, stated: “We are convinced that taxis are vital to every city’s mobility ecosystem. Our commitment to working with local taxi drivers and operators is the right approach for sustainable growth and success on both sides. Achieving break-even is a first substantial step and proves the efficacy of our taxi-first strategy. We are dedicated to our vision, prioritising growth and sustained profitability in Europe.”
Expanding Taxi Leadership Across Europe
FREENOW’s development has been driven by its focus on the taxi markets, reinforcing its long-term goal to maintain the leadership position in the online taxi sector across over 150 European cities. The platform continues to expand its services, supporting local economies by partnering closely with local taxi operators and more than 150k drivers in Europe.
In Germany, FREENOW experienced increased demand for taxi services, driven primarily by the success of its fixed-price offering in cities like Munich and Berlin. In Berlin, taxi demand increased by over 50% on rides serviced by FREENOW year on year. Additionally, FREENOW’s fleet in Germany expanded, with over 20,000 taxis now operating across the country and with the number of active drivers growing by over 10%. The platform also continued its expansion in key cities such as Nuremberg, Freiburg, and Heidelberg, while further building strategic partnerships with local taxi operators. In Stuttgart, FREENOW has collaborated closely with the local taxi dispatch center to advance digitization efforts and set a blueprint for upcoming cooperations.
In key European markets like Ireland, Spain, the UK, and Greece, FREENOW holds the No. 1 taxi app position and continues expanding to new locations, increasing fleet and driver supply and investing in new services for passengers and drivers. Recent initiatives include Ireland's Airport Prebook Promise, offering more confidence for airport trips, as well as supporting London's iconic black cabs’ EV transition, with 70% of trips in the UK capital now done with zero-emission capable vehicles. In Spain, FREENOW has expanded to cities like Granada and Valladolid, introducing fixed-price fares in Madrid, Barcelona, and Granada. In Greece, the company is growing through partnerships with the tourism sector, expanding to Crete beyond Athens and Thessaloniki.
Untapping The Potential of the Taxi Market
FREENOW’s over 15 years of heritage in the taxi industry, combined with strong relationships with regulators, unions, and fleet operators, uniquely positions the platform to lead the digital transformation of the sector. By harnessing technology and innovation, FREENOW modernises urban mobility, enabling taxis to thrive in the 21st century, and unlocking the vast potential of both the online and offline taxi market. With the offline taxi segments across Europe accounting for around 60% of overall ride-hailing trips, there is an enormous opportunity for FREENOW to continue to grow and expand while offering a unique service to passengers and taxi drivers.
“Our near-term strategy for FREENOW is to strengthen our position as the go-to taxi app in our leading markets, while aiming to achieve this status in all our operating regions and expand into more European cities. As a taxi-first business, we will also continue the modernisation of the taxi sector, by building partnerships with offline dispatchers and offering our online solutions to digitalise their business. The offline taxi market is huge and FREENOW, with its historic taxi background, is well positioned to capture its still untapped potential” - adds Thomas Zimmermann.