SOURCE: Fasten

Fasten

February 13, 2017 10:05 ET

Fasten Hires Ex-Zipcar Executive David Piperno as Chief Financial Officer

Veteran mobility exec to help scale ride hailing business for national expansion.

BOSTON, MA--(Marketwired - Feb 13, 2017) - Fasten, the Boston-based ride hailing startup, today announced the addition of David Piperno as Chief Financial Officer. Piperno has more than 15 years of experience in corporate finance; mergers and acquisitions; strategic and corporate development; and overall executive management. Most recently, he served as vice president of strategy and finance at Zipcar.

"Our success in Boston and Austin demonstrates that our profitable, people-centric business model is ready for national expansion," said Kirill Evdakov, co-founder and CEO of Fasten. "We are investing in improving the experience for both riders and drivers, which has resulted in a sustainable business model that is not dependent on subsidies. We're going to bring this approach to new markets in 2017, and David will be a big part of helping us achieve that growth."

Piperno spent the past three years as vice president of strategy and finance at Zipcar. He joined Zipcar from its parent company Avis Budget Group where he served as vice president and corporate controller. Prior to Avis Budget, he spent more than a decade in senior positions at AIG and Deloitte in finance, risk management and mergers and acquisitions. Piperno holds an MBA in Business/Accounting/Finance from Montclair State University.

Fasten aims to upend the current model for ride sharing by investing in its drivers, working closer with cities to solve transportation challenges which in turn both improve the community and experience for consumers. This approach has resulted in lower costs and increased utilization, which in turn drives profitability.

  • Driver Retention. Fasten's Driver Retention rates are three times higher than its competitors in 2015, saving the company on average, millions of dollars per year in recruitment costs;
  • Rider loyalty. More than 75% of riders completed enough rides to recoup the cost of acquisition;
  • Word of mouth. Two-thirds of riders come via driver-rider or rider-rider referral program;
  • Fair treatment matters. In a rider survey, more than 70% of respondents said that they choose Fasten over other ridesharing options because they know most of the money goes to the driver rather than the company.

"It's an exciting time to join Fasten as we look to expand our unique ride hailing service to new markets and set a new standard for equitable treatment of drivers and a positive experience for riders. It's great to be part of a company that is making a difference in people's lives," said Piperno. "As the landscape for urban mobility continues to evolve, Fasten is well positioned to play a key role in cities across the country."

About Fasten
Based in Boston, Fasten is a ride hailing company dedicated to operating a profitable business that offers drivers fair pay, and that meets consumers' needs for timely, efficient and affordable transportation. The company offers services in Boston, Mass. and Austin, Tex. with plans to expand to additional markets in 2017. More information is available via the web at www.fasten.com.

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