One of Uber's biggest rivals in London dropped its prices by 50% after TfL decided not to renew Uber's licence

Mytaxi, a rival to Uber in London, is aiming to capitalise on Uber’s misfortune by cutting its own fares by 50%.

Uber lost its licence in London on Friday after transport regulator Transport for London said it was was not “fit and proper.” Uber said it will challenge the decision in court.

Londoners are outraged by the decision and many of them are wondering how they will now get from A to B in the same cheap and easy fashion that Uber allowed them to.

Within minutes of the news being announced, mytaxi tweeted: “50% off fares now, we are undercutting UberX on the news that they are not fit and proper to operate. Discount applied automatically.”

Founded in Germany in 2009 by Niclaus Mewes and Sven K├╝lper, mytaxi now operates in more than a dozen cities worldwide including Barcelona, Zurich, Washington D.C., and Madrid.

Not everyone was impressed with mytaxi’s eagerness to kick Uber while it’s down.

After receiving a mytaxi push notification on his phone, Tom Blomfield, the founder of fintech startup Monzo, tweeted: “Real classy @mytaxi. You’re not fit and proper to be installed on my phone if you spam me with crap like this.”

It’s unclear how long mytaxi’s promotional offer will last.

mytaxi did not immediately respond to Business Insider’s request for comment.

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