FreeNow taxi app co-owned by BMW and Mercedes-Benz, reported a 10pc increase in profits to €5.4m in Ireland last year, while its revenue rose 20pc to €46.1m, leading to a €7m dividend payout to its parent firm.
The company charges taxi drivers a 15pc commission on fares booked through its app, excluding tips and additional fees like tolls, and also takes 2pc from street-hailed rides paid via its ‘Hop-on’ app.
FreeNow is expanding its services through partnerships, including trials with an electric scooter provider and a collaboration with an Irish bike-sharing service, while emphasizing cost management and operational refinement within its Irish business.
FreeNow chief executive Thomas Zimmermann announced that the company achieved breakeven after 13 years of operation, was focusing on a taxi-first strategy and noted significant demand growth in Germany following the introduction of fixed-price fares in major cities. “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.”
