Advancly, a B2B company driving the adoption and expansion of the credit economy in Africa, has partnered with global rideshare platform, Bolt to provide its drivers with access to credit, enabling them to meet immediate financial needs.
Over the past few years, Advancly has Powered Progress for entrepreneurs across Africa, providing them with credit capital to grow and scale their businesses. Its flagship product, Advancly Spark, streamlines the borrowing processes for businesses, enabling them to access liquidity on the wings of speedy, technology-backed credit-scoring processes. Advancly also offers Advancly Embed, a future-forward product that enables businesses to integrate financial services into their operations and offer financial value to their users/ecosystem, without having to build these capabilities themselves. It is via Advancly Embed that this partnership with Bolt comes to life.
Via an integration of Bolt and Advancly Embed, eligible drivers on the Bolt platform will have seamless access to Advancly’s credit solutions. This integration streamlines the borrowing process for Bolt Drivers, offering a hassle-free experience and access to low-interest, short-term loans to cover pressing expenses such as fuelling and maintaining their cars, ultimately empowering them to enhance their services and grow their income.
“We are thrilled to embark on this journey with Bolt Nigeria and bring our innovative credit solutions to their extensive network of drivers,” said Lotanna Julian, co-founder & CEO of Advancly. “The gig economy is playing a vital role in shaping the future of business for independent workers and this partnership reaffirms our commitment to enable entrepreneurs grow on their own terms by providing them with access to credit.”
“We recognize the vital role that financial stability plays in the lives of our drivers,” added Yahaya Mohammed, Country Manager at Bolt Nigeria. “In addition to our platform, we are excited to offer them additional resources that will help them manage their finances, provide exceptional services to riders and ultimately grow their businesses with Bolt.”
Launched first in Lagos and Abuja in beta, this strategic collaboration marks a significant milestone in providing healthy financial options to people who work within the gig economy, underscoring both companies’ dedication to empowering people to take control of their finances, on their terms.
Drivers who are eligible to access this benefit based on their consistency and track record with the Bolt platform will be able to do so in the “Bolt Rewards” section of the Bolt Driver app.
About Advancly: Advancly is building rail tracks to deliver a more modern and robust financial system to Africa and emerging markets. Through credit, data and technology, Advancly empowers entrepreneurs with access to capital and advisory support to grow their businesses and achieve success.
About Bolt: Bolt is the first European mobility super-app, offering a better alternative to every purpose a private car serves – including ride-hailing, shared cars and scooters, and food and grocery delivery.
