In my city (Milan, Italy) bike-sharing is an extremely common solution.
I feel like the business model is the main problem. Low margins high-costs (you frequently need to replace thousands of bikes) and basically no moat.
Every few years a new startup can enter the marketing with a better bike. The incumbents have to improve their or risk losing the entire market in a matter of weeks.
That's normally a red flag, for a banking business a mortal sin.