Ride-hailing platform Bolt has picked Mikko Salovaara as its new chief finance officer (CFO). According to the firm founded a decade ago, Mikko will start his tenure in July 2023. The announcement follows Bolt’s profit gains, having experienced notable growth for the first time since 2018. Its revenue jumped by 400%, climbing from $3.4 million in 2019 to $11 million in 2022. Bolt’s gross profit rose from $1.2 million in 2021 to $2.2 million in 2022.

Salovaara, Bolt’s incoming CFO, said, “In an industry where it is notoriously hard to operate profitably, Bolt stands head and shoulders above its competitors. The culture of maximising operational efficiency, which was instilled by Markus ten 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.”

The company, which operates in 45 countries and across 500 cities, has also revealed that its customers have surpassed 150 million. Bolt has over 3.5 million driver partners and couriers. Over one million of the partners serve the African market.

Techcabal