Tuesday 26 November 2019 2:09 pm

Uber rival Bolt set to secure $100m in new funding

Uber competitor Bolt is on the verge of securing more than $100m (£78m) in new funding.

The Estonian ride-hailing app is working with Goldman Sachs on the new round of funding, just four months after raising £50m from new and existing backers.

Read more: TfL bans Uber from London after a ‘pattern of failures’

Bolt, formerly known as Taxify, began operating in London in June and had raised more than $200m (£155m) before this latest capital injection.

Sources told Sky News the latest round of funding would be finalised within the next few weeks and would cement Bolt’s valuation as a $1bn unicorn.

It comes as Bolt’s largest rival Uber was denied a new operating licence in London yesterday.

Transport for London (TfL) said it could not grant the tech giant a new licence due to a “pattern of failures” that indicated passenger safety was at risk.

The transport regulator found Uber had uninsured and unlicensed drivers on its platform and did not have a “robust system for protecting passenger safety”.

Uber is appealing the decision and will be able to continue operating in the meantime.

Bolt immediately pounced on the announcement yesterday.

A spokesperson said: “We spent a year working with TfL on our successful London licence application and we continue to pay the utmost attention to the credentials of drivers we permit to use our platform.

Read more: Uber ban: London business groups mourn ‘dark day’

“Our vision for the future of urban mobility in London, and cities around the world, demands our commitment to delivering the value, quality, safety and care for the environment our customers expect.”

Bolt has signed up more than 30,000 drivers in London since its June launch.