Uber Boats by Thames Clippers, a river bus service provider in London, UK, has secured a £59m ($78.9m) funding package from NatWest and Santander to expand its fleet and infrastructure.
The financing comprises £29.5m from each bank and will support Uber Boats’ investment plans, including new vessels, pier upgrades, and improved drydocking facilities.
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The investment also aims to bolster the wider transport network in London, allowing the business to expand services and increase the number of clean vessels on the Thames.
Clean vessels are electric-powered water ferries, contributing to sustainable transport solutions.
As reported by City AM, Uber Boats by Thames Clippers CFO Liam Hather said: “It is vital that we have funding partners who are proactive and can provide us with financial support that allows us to deliver on our plans.
“This latest agreement provided by Natwest and Santander will support our continued investment in our fleet so we can provide the water transport services which customers value and rely on.”
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By GlobalDataFounded in 1999 with a single boat, Thames Clippers now operates 20 high-speed river boats and an all-electric cross-river ferry, with two additional vessels under construction.
In mid-2020, it unveiled a collaboration with Uber, featuring repainted ferries and the ability for users to reserve trips through the Uber app.
Services are available from all major London piers every 10 to 20 minutes.
Passenger numbers have been increasing steadily post-Covid. Rates were 7% higher than pre-Covid levels in 2022 and they grew by an additional 10% the following year.
Last year, more than four million people travelled with Thames Clippers, and the company anticipates continued growth.
Natwest relationship director Lawrence House said: “As the UK’s biggest bank for business, we are delighted to support Uber Boats by Thames Clippers, who are a real UK marine success story.
“They deliver a vital transport link to the capital, while being mindful of their carbon footprint, and also reinvest in the UK by ordering new vessels from Wight Shipyard on the Isle of Wight. This facility will contribute to the improvement of transport infrastructure across the River Thames and London.”
