BOSTON & AUSTIN, Texas--(BUSINESS WIRE)--The ridesharing service Fasten today unveiled preliminary metrics and results from its first two weeks of serving Austin, Texas, the country’s 11th-largest city.
Fasten received approval to operate as a Transportation Network Company (TNC) Operating Authority from the City of Austin beginning on June 1st, following the departure of the two national market-leaders, both of which were unwilling to comply with regulations related to driver background checks.
In analyzing its rider and driver data for Austin, through just over two weeks in Texas’ capital city, Fasten has found:
- It has recruited thousands of drivers;
- Arrival times (ETA) for Austin passengers have averaged 5 minutes, and will continue to go down as the company continues to add drivers and serve additional geographic regions around Texas’ capital;
- More than 80 percent of riders become return customers, completing two or more rides in just two weeks, despite numerous new vendors entering the market.
“It all starts with drivers. Fasten arrived in Austin to show excellent customer service to drivers and riders alike,” said Kirill Edvakov, Fasten’s CEO and co-founder. “Our business model empowered us to onboard thousands of drivers in just a few days—critical to fulfill our end goal, a perfect riders’ experience, which was previously missing in Austin. From the beginning our average ETA was below 5 minutes, a goal necessary to keep riders and drivers alike happy. And the stats prove it—80 percent of those who tried Fasten are repeat customers. As we continue to expand our geographic reach around Austin, Fasten will roll out new capabilities for drivers and riders alike, while similarly growing in our home base, Boston.”
Fasten differentiates itself from other TNCs by treating its drivers as customers, not commodities. It is the only TNC charging drivers a flat fee of $0.99 per ride, while others may take 20-30 percent of each fare as a commission. Fasten’s drivers are also free to drive for multiple TNCs that operate in their home markets. The company continues to welcome new drivers in Austin and Boston. For Texas drivers, those who sign up using the code ATX do not have to pay the per-ride fee for a month. The Fasten driver signup process is simple and an application can be accessed online at http://fasten.com/d.
For riders, pricing is more predictable—fares are illustrated in real-time on the app. Additionally, Fasten does not use the “surge” or similar higher pricing foisted upon all consumers by other TNCs during periods of peak usage, revenue that goes primarily to the TNC, not the driver. Rather, Fasten riders can opt for faster service through the company’s unique “boost”—choosing to pay a higher fare, kept by the driver, that accelerates the arrival of a ride.
Based in Boston, Fasten began operating in late 2015 and has seen ridership increase 300 percent in the past two months as drivers and riders are choosing Fasten First. New riders in both cities will receive a promotional code they can share. Every time the promotional code is used by a first-time Fasten rider, users will be eligible to receive credit of up to $15 off a single ride.
Fasten is the Boston-based ridesharing service that puts drivers first and charges riders less. Available in Boston and Austin, Texas, it improves ridesharing by putting fairness and transparency before profits. Learn more at http://fasten.com.