LOS ANGELES--(BUSINESS WIRE)--HyreCar Inc. (NASDAQ: HYRE), the carsharing marketplace for ridesharing, has launched the HyreCar mobile application for both Apple iOS and Android devices to expedite the new driver onboarding and verification process.
The application was developed with Mitek (NASDAQ: MITK), a leader in identity verification technology, to allow interested drivers to easily verify their identity when digitally applying to rent a car through HyreCar’s new seamless mobile interface. Proven to reduce fraud, Mitek’s technology is designed to expedite the booking and verification process by 30 percent and lower ID document forgery in the verification process by up to 20 percent. These technology enhancements have contributed to HyreCar scaling annual rental days from under 400,000 for the fiscal year ending December 31, 2018 to an annualized run rate of over 550,000 rental days through the first two months of 2019.
“We are excited to launch the HyreCar mobile app for our drivers,” said Joe Furnari, CEO of HyreCar. “Reducing friction in our customer conversion channels is expected to accelerate revenue to the top and bottom lines. At the same time, risk reduction through the Mitek integration is expected to enable scale and reduce overhead costs. Overall, our approach to leveraging technology solutions in this new ecosystem of Mobility as a Service has made us an industry leader, moving thoughtfully and deliberately toward our future vision of personal transportation.”
“Empowering a good user experience while verifying new driver identities is the core focus of our partnership with HyreCar,” said Max Carnecchia, CEO of Mitek. “We’re committed to providing both trust and convenience with each digital transaction and are thrilled to be supporting HyreCar in their mission to safely, securely and seamlessly onboard more rideshare drivers.”
Mitek (NASDAQ: MITK) is a global leader in mobile capture and digital identity verification solutions built on the latest advancements in AI and machine learning. Mitek’s identity verification solutions enable an enterprise to verify a user’s identity during a digital transaction, which assists financial institutions, payments companies and other businesses operating in highly regulated markets in mitigating financial risk and meeting regulatory requirements while increasing revenue from digital channels. Mitek also reduces the friction in the users’ experience with advanced data prefill and automation of the onboarding process. Mitek’s innovative solutions are embedded into the apps of more than 6,100 organizations and used by more than 80 million consumers for mobile check deposit, new account opening and more. Learn more at www.miteksystems.com.
HyreCar Inc. operates in the carsharing marketplace for ridesharing through its proprietary technology platform. The Company is establishing a leading presence in Mobility as a Service (MaaS) through vehicle owners and institutions, such as dealers and OEMs, who have been disrupted by automotive asset sharing. HyreCar currently operates in all 50 states and Washington, D.C. providing a unique revenue opportunity for both owners and drivers. By providing a safe, secure, and reliable marketplace, HyreCar is transforming the industry – one driver, one vehicle, one road at a time. For more information, please visit www.hyrecar.com.
Statements in this release concerning HyreCar’s future expectations and plans, including without limitation, HyreCar’s expectations regarding its future results, performance, partnerships, prospects and opportunities, may constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks, uncertainties and assumptions. You should not place reliance on these forward-looking statements, which include words such as “believe,” “intend,” “may,” “potential” or similar terms, variations of such terms or the negative of those terms. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee such outcomes. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, as well as those risks more fully discussed in the section entitled “Risk Factors” in HyreCar’s prospectus, dated June 26, 2018, that was filed with the U.S. Securities and Exchange Commission under File No. 333-225157, as well as discussions of potential risks, uncertainties, and other important factors in HyreCar’s subsequent filings with the U.S. Securities and Exchange Commission. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.