Competition coming for Uber as Lyft expands to Toronto

Lyft car

Lyft is planning to make its first trip outside the U.S.by carrying passengers in Toronto. Lyft has raised $3.6 billion in funding since it launched in 2012, compared with the roughly $15 billion raised by Uber, which has a valuation of about $68 billion, according to The Wall Street Journal.

"We've been a business for five year and have been focused entirely on the United States, so we were very deliberate when making a decision to launch in Toronto as our first worldwide market ..."

Lyft announced Monday it would expand its service to Toronto in time to "help ring in the holidays".

In an effort to entice drivers, Lyft is offering a 25 percent bonus for the first 3,000 drivers who are approved and who complete 20 rides a week during the company's first three months of operation in Toronto.

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"There is some pretty high, positive sentiment with Lyft", he added.

Uber is the king of ride-hailing services, but has been embroiled in a number of controversies including allegations that the San Francisco-based company has a culture of sexism and sexual harassment and a history of poor treatment of drivers. The company is appealing London's decision to pull its license after the city's transport authority said Uber was not "fit and proper" to operate there.

In addition to Lyft, another ride-hailing service called Facedrive launched last week in Toronto. Indeed, there have been reports since the start of the year that such plans were imminent.

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