You’ve got Uber, Lyft and now Split. Split is a new Washington, DC-based ride-sharing iPhone app (the Android version is coming soon) similar to Uber and Lyft, only cheaper. How can they do it for less money and be competitive? When you request your ride, you specify both your location and destination so the company’s software can match up riders with similar trajectories. This lets drivers pick up multiple passengers and collect multiple fares at once.

Every Split ride costs $2, plus $1 per mile. The company’s CEO says that, because they’re taking a carpooling approach, they’re providing an average of four or five rides per hour, per driver. That’s compared to 1.47 riders per hour provided by Uber drivers.

Split is limited to the DC area now but it is expected to expand. 

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