Bolt names former Revolut executive Mikko Salovaara as new CFO
Ride-hailing start-up’s founder Markus Villig says Salovaara joins as the business begins preparations for IPO
06 July 2023 - 20:37
by Supantha Mukherjee
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Bolt CEO Markus Villig in Stockholm, Sweden, May 8 2023. Picture: SUPANTHA MUKHERJEE/REUTERS
Stockholm — Ride-hailing and food delivery start-up Bolt has named Mikko Salovaara as its new CFO.
The company, a rival of Uber, was valued at more than $8bn when it raised €628m from investors in January 2022.
Bolt CEO and founder Markus Villig said in May that Bolt expects to become profitable in the next 12 months and be ready for an IPO in 2025. The company has 150-million customers in more than 45 countries and 500 cities.
Villig said that bringing Salovaara 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 IPO”.
Salovaara, who will join the company later in July, was the CFO of fintech firm Revolut.
“In an industry where it’s notoriously hard to operate profitably, Bolt stands head and shoulders above its competitors,” Salovaara said.
“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.”
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Bolt names former Revolut executive Mikko Salovaara as new CFO
Ride-hailing start-up’s founder Markus Villig says Salovaara joins as the business begins preparations for IPO
Stockholm — Ride-hailing and food delivery start-up Bolt has named Mikko Salovaara as its new CFO.
The company, a rival of Uber, was valued at more than $8bn when it raised €628m from investors in January 2022.
Bolt CEO and founder Markus Villig said in May that Bolt expects to become profitable in the next 12 months and be ready for an IPO in 2025. The company has 150-million customers in more than 45 countries and 500 cities.
Villig said that bringing Salovaara 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 IPO”.
Salovaara, who will join the company later in July, was the CFO of fintech firm Revolut.
“In an industry where it’s notoriously hard to operate profitably, Bolt stands head and shoulders above its competitors,” Salovaara said.
“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.”
Reuters
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