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Bolt, known as Uber’s competitor has raised funding of €20 million ($24 Million) with the International finance corporation (IFC) a division of the world bank.

Bolt recently raised $182 million in December 2020 as it plans to redefine the scooter business in Europe while making delivery easy across the region.

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With the raise from IFC a Estonia-based startup to expand more services across Eastern Europe and Africa, with a specific mention of more services in Ukraine and Nigeria.

Speaking on the new investment, Markus Villig, Bolt’s CEO, “We are looking forward to partnering with IFC to further support entrepreneurship, empower women and increase access to affordable mobility services in Africa and Eastern Europe”

Bolt’s efforts in emerging markets have long been one the key ways that the company differentiates itself from Uber.

Since launching in 2013, it has picked up over 50 million customers and more than 1.5 million drivers in 40 countries, including 400,000 drivers in 70 cities on the African continent.

IFC continues to invest in more private firms around the world that are developing innovative solutions to solve challenges in the developing parts of the globe.

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