Bolt receives $24M investment from the International Finance Corporation in order to expand into developing markets and to promote women empowerment.
The International Finance Corporation (IFC) a division of world bank has invested in Bolt, Uber’s strong rival, $24 million to expand its services across Africa and Eastern Europe.
More services in Ukraine and Nigeria, two of the region’s largest economies.
As well as more innovative services to target demographic groups that may be under-represented or under-served, such as women, are specifically mentioned for Bolt’s expansion.
Also, IFC considers Bolt’s investment to be a form of women’s empowerment.
Moreover, Bolt also launched a service that allows women to request only female drivers.
This means that transportation in emerging markets is safer and more affordable.
In a statement, CEO and co-founder Markus Villig said, “We are looking forward to partnering with IFC to further promote entrepreneurship, empower women.
Further more, to increase access to affordable mobility services in Africa and Eastern Europe.”
“Likewise, we are proud to have sizable and strategically significant institutions behind us.
And realizing the strategic value Bolt provides to emerging economies.
As evidenced by the investment from the European Investment Bank last year.”
Bolt’s investments in emerging markets have long been a key point of differentiation from Uber.
As a result, it is perhaps understandable given that the company was established in a developing country.
Since its inception in 2013, it has attracted over 50 million customers.
In addition, 1.5 million drivers from 40 countries, including 400,000 drivers in 70 African cities.
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