Mobility large Bolt has appointed Revolut’s ex-CFO Mikko Salovaara as its new finance chief, because it goals to hit profitability within the subsequent 12 months earlier than focusing on an IPO.
The Tallinn-HQ’d startup, which was final valued at €7.4bn when it raised €628m from buyers in January 2022, has pinpointed 2025 because the 12 months it expects to go public.
A spokesperson for Bolt tells Sifted: “Going ahead, Mikko will probably be targeted on serving to us attain and preserve profitability long-term, in addition to making ready for IPO.”
Profitability isn’t far off for the corporate — final week it reported web losses of simply €62k for the 9 months by way of to the tip of December 2022. Bolt has been betting on scale to succeed in this milestone — in January, CEO Markus Villig instructed Sifted that his firm “now lastly [has] the size to turn out to be worthwhile”.
Bolt additionally introduced at this time that it is surpassed 150m clients in over 45 nations.
Revolut funds
Salovaara will take up his new function later this month, primarily based in London. He give up Revolut, at present Europe’s most extremely valued non-public tech firm, in Could, citing “private causes”.
Revolut posted its first annual revenue below Salovaara’s tenure — but it surely wasn’t with out controversy.
After the neobank missed two deadlines for reporting its 2021 annual accounts, its auditor BDO steered that 75% of Revolut’s 2021 revenues “could also be materially misstated”.
Salovaara instructed Sifted on the time that these points had been right down to Revolut’s accounting programs and software program not holding step with the neobank’s tempo of development.
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Revolut has appointed an interim CFO, however hasn’t introduced who would be the full-time alternative for Salovaara.
