Bolt raids Revolut for new CFO as Uber rival chases full profitability and prepares for IPO
Estonian ride hailing and food delivery startup Bolt has announced Mikko Salovaara as its new CFO.
He joins from FinTech big hitter, Revolut, where he held the same position, and previously headed up regional finance teams at Kraft Heinz Co.
Salovaara will lead Bolt’s global finance function as the business looks to achieve full profitability and prepares for an IPO.
“Our extraordinary scale will allow us to reach profitability over the next 12 months. Bringing Mikko’s expertise onboard at this crucial time for the business will be invaluable as we continue our focus on long-term and sustainable growth and begin our preparations for IPO,” says Markus Villig, Founder and CEO at Bolt.
Salovaara, who will take up his new role later this month, comments: “In an industry where it’s notoriously hard to operate profitably, Bolt stands head and shoulders above its competitors.”
“The culture of maximising operational efficiency, instilled by Markus 10 years ago, continues to guide the business today and has left Bolt well-positioned to reach and maintain long-term profitability.”
“I look forward to being part of this next stage in Bolt’s journey as the business prepares for IPO.”
Starship Technologies
Bolt recently announced a partnership with robotics firm Starship Technologies, involving thousands of robots delivering food across multiple countries, starting in 2023.
In an online post, Bolt said: “Starship Technologies has become the first autonomous delivery company to complete five million commercial deliveries worldwide.”
“This was achieved in just seven months since celebrating four million deliveries in November 2022. At Bolt, we have over 100 million users in 45 countries and 500 cities globally, offering services like ride-hailing, micromobility, and food and grocery delivery.”
“By partnering with Starship Technologies, we can now provide a broader range of delivery options that accommodate different order sizes, preferences, and distances.”
“Both Bolt and Starship have created innovative products which have revolutionised the way people move around and buy and receive goods in cities,” says Jevgeni Kabanov, Bolt’s President.
Alastair Westgarth, CEO at Starship Technologies, commented: “Bolt and Starship share very similar goals of promoting sustainability in local transport. In our case, we offer a convenient and on-demand autonomous delivery service, perfectly aligning with the mission of making cities more eco-friendly.”
Starship robots will begin delivering with Bolt Food in Tallinn as a pilot programme, working in tandem with courier partners.
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