BUSINESSNews

Bolt surpasses 150 million customers and appoints new CFO


Bolt has announced it has surpassed 150 million customers in over 45 countries and 500 cities.

Bolt’s 150 million customers are spread across its suite of mobility products which include ride-hailing, micromobility (scooter and e-bike rental), food delivery, grocery delivery, Bolt Drive, a free-floating car-sharing service, and Bolt Business, a corporate mobility service. Bolt has also announced there are now over 3.5 million partners (drivers and couriers) using the app to earn a living, including over 1 million in Africa alone.

The new figures have been released on the same day that Mikko Salovaara has been announced as Bolt’s new Chief Financial Officer (CFO) and just days after the business’ 2022 Annual Report showed it had made significant year-on-year profitability gains.

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

Markus Villig, Founder and CEO of Bolt, 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. 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.”

Mikko Salovaara, Bolt’s incoming Chief Financial Officer, said “In an industry where it is notoriously hard to operate profitably, Bolt stands head and shoulders above its competitors. 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.”

Mikko will take up his new role with Bolt later this month.

The new 150 million customer milestone and the appointment of Mikko Salovaara as CFO have been announced as Bolt marks ten years since the business was founded by a then 19-year old Markus Villig in Tallinn, Estonia.

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.

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