According to CEO Markus Villig, Bolt's arrival in London, the transport volumes of which are among the largest in Europe, marks the emergence of more serious competition to rival ride-hailing platform Uber. This, in turn, is good news for drivers and passengers alike, who thus far have had limited options from which to choose.

"We are currently operating in over 30 countries worldwide, and we have seen that improved competition entails lower prices for customers and better earnings for drivers," Villig said. "We are convinced that this is what will happen in London as well."

Bolt is launching operations in London with changes in the service's safety features, which have been supplemented with a 24-hour support line staffed in London, as well as an in-app panic button for riders and drivers alike that can be used in the event of any safety concerns during a trip.

"In a city the size of London, safety is given greater weight, and regulators' expectations are likewise in line with it," the CEO highlighted. "As our rivals have not prioritized safety in the past, requirements have become stricter."

The electric scooter rental service that Bolt operates in Paris and Madrid is not currently available in London.

Bolt, formerly known as Taxify, currently operates in over 30 countries.

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