Bolt is partnering with IFC, a member of the World Bank Group, to promote access to on-demand mobility services in emerging economies. IFC’s €20 million investment and advisory services will help Bolt expand mobility solutions that create earning opportunities, stimulate small-scale entrepreneurship, and improve access to transportation in Eastern European and African markets.
Bolt launched South Africa – its first African market – in 2016. The company currently operates in seven African countries, providing earning opportunities for more than 400,000 drivers in 70 cities across the continent. IFC’s funding will be targeted towards Eastern Europe, including Ukraine, and African markets, such as Nigeria and South Africa.
Bolt is currently piloting a ‘Women Only’ ride-hailing category in South Africa – a new service aiming to address safety needs and improve women’s mobility by connecting female drivers with female passengers. IFC will support Bolt’s ongoing work to empower women riders and drivers by improving their access to safe and affordable transportation and creating new economic opportunities.
Markus Villig, CEO and Founder, Bolt, said: “We are looking forward to partnering with IFC to further support entrepreneurship, empower women and increase access to affordable mobility services in Africa and Eastern Europe. Together with the investment from the European Investment Bank last year, we are proud to have sizeable and strategically important institutions backing us and recognizing the strategic value Bolt is providing to emerging economies”.
Stephanie von Friedeburg, IFC Senior Vice President of Operations, said: “Technology can and should unlock new pathways for sustainable development and women’s empowerment. Our investment in Bolt aims to help tap into technology to disrupt the transport sector in a way that is good for the environment, creates more flexible work opportunities for women, and provides safer and more affordable transportation access in emerging markets”.
About IFC
IFC – a member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries.
In fiscal year 2020, IFC invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.
About Bolt
Bolt is the leading European mobility platform that’s focused on making urban travel more affordable, convenient and responsible.
Bolt has more than 50 million users in over 40 countries across Europe and Africa. Its services range from ride-hailing to micro mobility with e-scooters and electric bikes to food and parcel delivery.
All Bolt rides in Europe are 100% carbon-neutral as part of Bolt’s Green Plan, a long-term commitment to reduce the ecological footprint of the company.
