Ride-hailing app Bolt has received a €50 million (Sh5.6 billion) loan from the European Investment Bank 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, management has said.
“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."
According to 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.
“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," EIB vice president Alexander Stubb said.
The company pioneered safety initiatives in the industry, providing features such as the SOS button which links drivers on Bolt trips with medical and or security emergency response teams at the tap of a button.
In addition, the 'Share your ETA' feature allows consumers to share live trip details with loved ones.
Edited by Josephine M. Mayuya
