Taxi firm Bolt gets Sh5.6bn loan from EIB

Taxi-hailing firm Bolt has secured a Sh5.6 billion loan that will be injected into the firm’s research and development plans, aiming to make its products and services more reliable, safe and sustainable.

Bolt, formely Taxify, will also use the debt facility from the European Investment Bank (EIB) to launch more products in the market that include personalised mobility services like food delivery.

The company is also set to launch food delivery service locally after unveiling a similar venture in Europe in August last year. Bolt also has plans to enter into mass transport business.

“Mobility is one of the areas we will continue to grow and innovate for the benefit of our customers. We will invest in improving and expanding our ride-hailing technology as well as personalised mobility services like food delivery,” said Martin Villig, Bolt’s co-founder.

“We are thrilled to have the European Investment Bank join the ranks of our backers as this enables us to move faster towards serving many more people in Europe and across the world.”

The firm said Thursday that the funds will go into improving urban mobility and birth opportunities across the globe.

“Bolt is a good example of excellence in tech and innovation. As you say, to stand still is to go backwards, and Bolt is never standing still. The Bank is very happy to support the company,” EIB’s Vice President Alexander Stubb said.