Image: Bolt
CEO and founder Markus Villig said that the credit backed by the likes of Goldman Sachs and JP Morgan demonstrates Bolt’s ‘strength and financial maturity’.
Bolt, the Estonian mobility start-up with operations in Ireland, has secured €220m in a revolving credit facility to improve its financial standing ahead of a planned IPO (initial public offering).
In an announcement today (3 May), Bolt said that the facility provided by a syndicate of core relationship banks will supplement its strong cash position and strengthen its liquidity profile.
A revolving credit facility is a type of funding in which a financial intitution creates a line of credit that a company can withdraw funds from and repay as and when needed. Subject to a credit limit in the same way credit cards are, this type of funding facilitates quick transactions.
Bolt CEO and founder Markus Villig said that this is the first time the Tallinn-based start-up has secured such a facility, and it marks an “important milestone” demonstrating its “strength and financial maturity”.
“We have secured highly attractive terms due to our solid financial standing. It is a clear reflection of our banking partners’ confidence in our trajectory and provides us with additional flexibility as we work towards being IPO-ready,” he said. “This is a great symbol of trust in Bolt during these turbulent times.”
Bolt – which has an office in Dublin for its Irish operations – confirmed in its announcement that the funding is intended for “general corporate purposes” and is currently undrawn in line with the company’s “prudent” financial approach.
The eight lenders behind the facility are: Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, JP Morgan, LHV Pank and Luminor. Citi acted as sole co-ordinating bookrunner and mandated lead arranger for the deal.
Launched in 2013 and with more than 150m customers globally, Bolt has been expanding its services across Ireland, including recent expansions into Dún Laoghaire-Rathdown and Wexford.
Last year, Bolt said it was bringing 60 new e-bikes to its fleets in Sligo and Kilkenny to boost regional growth of its micromobility products. A year before that, it shared plans to invest up to €5m in its e-bike rental roll-outs across Ireland, along with plans to significantly expand its head office in Dublin and create up to 50 jobs.
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Updated, 8.45am, 8 May 2024: This article was updated to include details of Citi’s role in the deal.
