Bolt Acquires Ksh.5.6 billion Loan for Research and Development Strategies

The European Investment bank has awarded Bolt, the ride-hailing app a €50 million (Sh5.6 billion) loan to support its research and development strategies.

The funds will go into improving safety, reliability and sustainability of Bolt’s services, while maintaining the high efficiency of its operations, Bolt’s management has said.

Martin Villig, Bolt’s co-founder said that “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 personalized mobility services like food delivery.”

“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.” He added.

According to the management, Bolt’s research and development strategy are focused on creating innovative and safe services that will enhance urban mobility and provide viable economic opportunities across the world.

EIB vice president Alexander Stubb said, “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 in improving its services, as well as allowing it to branch out into new service fields,”