Renault-owned RCI Bank bolsters iCabbi with majority shareholding

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iCabbi has announced a strategic partnership with RCI Bank and Services, the financial services provider for Groupe Renault.

RCI has taken a majority stake in the Dublin-based dispatch service provider, and iCabbi says this will bolster its position as an independent platform for the growth of taxi fleet dispatch. The iCabbi management team is staying on to continue developing the business.

Created and owned by Groupe Renault, RCI Bank and Services provides financial solutions to facilitate access to auto-mobility.

iCabbi CEO Gavan Walsh commented: “We believe taxi companies can play an integral part in the future of mobility. Having seen our customers adapt to many challenges and thrive, we are excited to have the support to develop new services to allow the industry to maintain a unique position in multi-modal transport.”

Bruno Kintzinger, chief executive officer of RCI Bank and Services, said: “Innovation is core to our business. The acquisition of a majority interest in iCabbi is consistent with RCI Bank and Services’ goal of becoming a service provider for mobility professionals. With over 300 million rides managed since its creation, iCabbi has a good knowledge of the market, which will help us continue to develop its business in line with Groupe Renault’s objectives.”

Pre-deal funding and advice was provided by AIB Bank, BMS Finance and FinRes. Early stage investors including Dublin-BIC-managed AIB Seed Capital, Bloom Equity, Enterprise Ireland and NDRC have now exited.