Bolt surpasses 150m customers, appoints new CFO

Bolt, a European-based mobility company with a presence in Nigeria announced that it has surpassed 150 million customers in over 45 countries and 500 cities.

According to the mobility company, the customers are spread across its suite of mobility products which include ride-hailing, micro-mobility (scooter and e-bike rental), food delivery, grocery delivery, Bolt Drive, a free-floating car-sharing service, and Bolt Business, a corporate mobility service.

The company also announced that over 3.5 million partners (drivers and couriers) are using the app to earn a living, including over one million in Africa alone.

However, the new data was released the same day Mikko Salovaara was appointed as the company’s Chief Financial Officer (CFO), which came a few days after the company’s annual report showed it made a significant year-on-year profit.

Markus Villig, CEO and founder of Bolt speaking on the achievement said: “Our core principles have remained the same since we were founded ten years ago, by being the most operationally efficient mobility platform in the world we can provide incredible value to our customers and partners. Having great service and attractive prices drive our industry-leading growth, and we’re proud to now serve 150 million customers across 45 countries.

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“This extraordinary scale will allow us to reach profitability over the next 12 months. Bringing Mikko’s expertise on board at this crucial time for the business will be invaluable as we continue our focus on long-term and sustainable growth, and begin our preparations for IPO.”

Despite significant headwinds including a surge in inflation, rising interest rates and an uncertain macroeconomic outlook across many markets, Bolt said it increased its revenue significantly and is on track to become the first European mobility platform to be fully profitable within the next 12 months.

Salovaara, speaking on his appointment as the CFO disclosed that Bolt stands above its competitors in an industry where it is difficult to operate profitably.

“The culture of maximising operational efficiency which was instilled by Markus ten years ago continues to guide the business today and has left Bolt well-positioned to reach and maintain long-term profitability. I look forward to being part of this next stage in Bolt’s journey as the business prepares for IPO,” he said.

The company also said that the appointment and 150 million customers coincide as it marked 10 years of operation. “After initially starting as a ride-hailing app in 2013 when Markus personally recruited drivers on the streets of Tallinn, Bolt has undergone dramatic growth in recent years. Launching food delivery in 2019, followed by scooter rentals in 2020, and grocery delivery and car-sharing in 2021.”