The Bolt Transport Platform app has signed a €50 million loan agreement with the European Investment Bank (EIB), the largest loan ever granted to an Estonian company.
The purpose of the loan is to support Bolt's product development in all areas of the company by focusing on service security, reliability and sustainability, and maintaining the company's high efficiency, in which technology plays a major role.
The EIB is a long-term lending institution of the European Union owned by all Member States of the European Union. Over the last five years, the EIB has financed projects in the Estonian technology, infrastructure and transport sectors worth more than €830 million.
President of the EIB Alexander Stubb said: "Bolt is a great example of Europe's success in technology and innovation. It is said that standing still is the same as going back. Bolt will never stand still."
Bolt co-founder Martin Villig said: "Transport is one of the areas in Europe for which a local service provider that shares the values of European consumer and legislator is important. We are therefore pleased that the European Investment Bank has become a Bolt supporter. It will help us reach more Europeans faster."
The loan as agreed through the European Fund for Strategic Investments (EFSI), which is at the heart of the European Union's investment plan. Previously, the largest EIB financing to date under EFSI in Estonia was a €30 million loan granted in 2016 for the expansion of Tallinn Airport.
Editor: Helen Wright