Browsing: Pay-on-Demand payments platform

Ride-hailing firm Bolt has raised $713 million in fresh funding.

In a statement, the European firm says it will use the funds to accelerate the expansion of its existing mobility and delivery products across its markets.

“The funds will go into expanding the company’s network of ride-hailing services, food delivery and micro mobility in Africa and Europe,” the company said.

According to the firm, these include investments towards enhancing safety features on the platform for drivers and riders, deepening vehicle ownership initiatives, driver and courier empowerment and sustainability projects.

Bolt will also use the funds to boost its new under 15-minute grocery delivery service, Bolt Market recently launched in Europe.

The new investment round now values Bolt at about $4.75 billion, which is more than double its last private valuation of $2 billion.

The funds were backed by new investors who include Sequoia, Tekne and Ghisallo, as well as Bolt’s …

Financial inclusion in Africa

Last month, Mastercard announced a partnership with Samsung, Airtel Africa and Asante Financial Services Group to launch a Pay-on-Demand payments platform and drive the digital economy across Africa.

By enabling digital access to everyday products and services for under-served consumers and micro, small and medium enterprises (MSMEs), the continent could experience positive economic growth covering even the poorest which has been elusive for decades.

The International Finance Corporation (IFC) notes that the launch and growth of digital financial services has led to an unprecedented increase in the number of people enjoying access to formal financial services.

Read: Tanzania shines for financial inclusion in Africa

Today, Africa has more digital financial services deployments than any other region in the world, with almost half of the nearly 700 million individual users worldwide.

Mobile money solutions and agent banking remain the most preferred since they now offer affordable, instant, …