On-demand mobile taxi service Gett (formerly GetTaxi) has secured a seven-year loan of $100 million from Russian finance company, Sberbank.

The funds will enable the company to expand in Russia, US, UK and Israel.

Igor Bulantsev, senior VP, acting head of Sberbank CIB, said: “In the context of our drive towards digitalisation and focus on projects involving ground-breaking technology, transactions such as this one – the opportunity to finance a significant digital business – are especially important for our strategy.

“We are pleased to be able to support Gett as the company seeks to develop its business in Russia, one of its key markets, and abroad.”

Last month, Gett launched a service to rival Uber that providers travellers with $3 direct rides that never surge.

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