Anyone who's familiar with the Uber Technologies origin storyknows that, for the past several years, the company has beengrowing at a pace that its founder has described as'unprecedented.' At the start of 2015, Uber operated in 25countries. By mid-2018, its ride business served more than 50countries, and the company had expanded into related marketsincluding food delivery, freight hauling, and bicycles andscooters. Uber provided its billionth trip at the end of 2015 andthen reached its 10 billionth trip by 2018.

The Uber treasury group supported this skyrocketing growth byallowing some functions to become decentralized. The companyhandles certain types of transactions via a collect-on-behalf-of (COBO) and pay-on-behalf-of(POBO) model, but local support entities in each region managetransactions around payroll, operating expenses, and tax payments.In building out these regional groups, Uber sometimes foundstandardization falling by the wayside.

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Meg Waters

Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.