Rival of Uber, Bolt, appoints inaugural UK managing director
Fresh Take:
Kimberly Hurd, a seasoned fintech veteran, is Bolt's new UK boss, signaling the Estonian ride-hailing giant's determination to expand in its second biggest market. Hurd, fresh from stints at fintech firms and Indian food delivery app Zomato, is ready to lead the charge in the UK.
A major challenge facing Hurd is the ongoing VAT dispute, with the Supreme Court ruling on rival Uber's case expected this summer. Bolt has withheld £200m of investment in the UK, reportedly due to ministers' indecision over the so-called "taxi tax."
Speaking to City AM, Hurd expressed the company's eagerness to inject more funds into the UK market, yet stressed the need for government clarity on VAT. "Bolt, like every other player, yearns for some transparency and certainty on this topic," she stated.
Rumors swirled earlier this year that Bolt was considering an IPO, with potential listing destinations ranging from Europe to the US. Asked about a potential London listing, Hurd demurred, stating any IPO would depend on market conditions. Her focus, she emphasized, would be on market share, growth, and improving the driver experience.
Bolt's focus on its drivers follows a legal loss in November 2021, which classified its drivers as "workers." This decision opened the door to thousands of drivers gaining employment benefits and potential compensation for the company. On this matter, Hurd expressed her passion, highlighting Bolt's initiatives like the first pension program, affordable dash cams, and various safety features for drivers.
Looking ahead, Hurd envisions a future where public transport and ride-sharing form a symbiotic mesh, transforming city function. 70% of UK users do not own cars, suggesting a significant opportunity for ride-sharing services to revolutionize urban mobility.
- Kimberly Hurd, the new UK boss of Bolt, sees technology as a key driver in expanding the ride-hailing giant's presence in its second biggest market, the markets.
- The UK business sector is currently facing a significant challenge in the transport sector, with the ongoing VAT dispute, particularly affecting ride-sharing companies like Bolt.
- Despite withholding £200m of investment due to the VAT dispute, Bolt is keen on launching more funds into the UK market, once the finance ministry provides clarity on VAT matters, as emphasized by Kimberly Hurd.
- According to reports, Bolt is contemplating a public offering (IPO) in the future, possibly in both European and US markets, a move that may be influenced by market conditions, as hinted by Hurd.
- In a bid to improve the driver experience and seize the opportunity presented by the 70% of UK users who do not own cars, Bolt's focus in the technology sector lies in developing initiatives such as a pension program, affordable dash cams, and safety features for drivers, as passionately advocated by Kimberly Hurd.
