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Bolt records 150 million users and appoints new CFO

Bolt records 150 million users and appoints new CFO

#ride-hailing
#mobility
Bolt has appointed a new CFO. Although it has faced legal challenges in Kenya, the company, which has been in operation for ten years, continues to maintain its position as one of the country’s most widely utilised ride-hailing apps.

Bolt, a ride-hailing platform operating in Kenya and other countries, has appointed Mikko Salovaara as its new CFO. The company has experienced notable growth, with revenue jumping by 400% from $3.4 million in 2019 to $11 million in 2022. Salovaara praised Bolt's operational efficiency and profitability, and he looks forward to being part of the company's journey as it prepares for an IPO. Bolt operates in 45 countries, with over 150 million customers and 3.5 million driver partners, serving the African market with over one million partners. Despite facing customer complaints, Bolt remains the most affordable e-taxi app in Kenya and has expanded its services to 15 other towns in the country. In response to new regulations, Bolt and other ride-hailing companies agreed to an 18% commission rate but introduced a booking fee, allowing them to collect over 23% of the total fare charged.


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