A dockless bike company is set to expand its business into the borough, picking up where another company left off.

Ofo will almost double the number of boroughs it operates in as it extends into Camden, Hammersmith and Fulham, Wandsworth and Waltham Forest.

The company is due to fully launch its services in Waltham Forest this month, with bikes available from this week onwards.

Earlier this month, dockless bike company Urbo pulled out of Waltham Forest and Redbridge, saying the boroughs were “no longer suited” to its business model.

But Waltham Forest Council’s deputy leader and cabinet member for the environment Cllr Clyde Loakes disputed this; saying Urbo were no longer able to keep up with demand from residents.

Ofo collects no deposit when registering new users. Customers can hire a lightweight three-speed bike via a smartphone app, ride it to their destination and lock it again for just 70p for a 30 minute journey.

Ofo has also introduced daily passes, offering unlimited rides for £2.90 and monthly passes, costing £9.90.

The entire fleet is fitted with bright dynamo front lights, solar-powered rear lights and a handy front basket. They also have a hydraulically-adjusted seatpost so riders of all heights can use the bikes comfortably.

Joseph Seal-Driver, Ofo’s UK General Manager, said: “We’re thrilled to bring our dockless bikes to Waltham Forest. Over the past year we’ve really taken off across the capital and these launches show the increasing popularity of bike sharing in London.

“We will be working very closely with Waltham Forest Council to ensure Ofo’s rollout goes as smoothly as possible and to provide the best experience for residents. We are looking forward to seeing our distinctive yellow bikes on the streets giving people a fun, cheap and environmentally friendly way to get around.”

Cllr Clyde Loakes said: “Our initial venture into dockless bike hire has shown that they are incredibly popular with our residents, staff and visitors and we choose the right method of having some central hubs, like our busiest train stations, where users could pick up a bike and go.

“We have taken the decision to welcome Ofo into the borough as soon as possible.”

Ofo are already operating in neighbouring boroughs Hackney, Redbridge and Islington.

Ofo will be attending the council’s annual community cycling event Le Tour de Waltham Forest on Sunday June 24.