Bolt, an Estonian ride-sharing and food and grocery delivery company, has appointed Mikko Salovaara as its new chief financial officer ahead of its anticipated initial public offering (IPO).
The company said in a statement that Salovaara brings experience at some of the world’s fastest-growing companies, including from his role as CFO at finance app Revolut, to lead Bolt’s financial function as it moves toward full profitability and the IPO, which Reuters reported is expected in 2025.
Bolt is a rival of Uber Technologies Inc (NYSE:UBER) valued at more than $8 billion after a round of fundraising last year. The company said it is on track to be fully profitable within the next 12 months.
“Bringing Mikko’s expertise on board 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 an IPO,” Bolt CEO Markus Villig commented in a blog post on Bolt's website.
Salovaara said he looked forward to being a part of the next stage of Bolt’s journey as it prepares for the IPO.
“In an industry where it’s notoriously hard to operate profitably, Bolt stands head and shoulders above its competitors,” he said. “The culture of maximizing 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.”
Bolt serves more than 150 customers across 500 cities in 45 countries, primarily in Europe but with a growing footprint in Africa, Western Asia, and Latin America.
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