The EU is backing taxi app Bolt to help it compete with Uber

Bolt, the European challenger to ride-hailing giant Uber, has secured 50 million euros in debt financing from the lending arm of the EU.

The European Investment Bank has provided Estonia's Bolt with a $56 million venture loan.

Competition between Bolt and Uber has heated up after the latter was blocked from operating in London.Bolt, the European challenger to ride-hailing giant Uber, has secured 50 million euros in debt financing from the lending arm of the EU. Tallinn, Estonia-based Bolt is one of several firms looking to chip away at Uber's dominance in the ride-hailing space. Founded in 2013, the firm was initially called Taxify but since changed its branding to offer more services like scooter sharing and food delivery. It currently has 30 million users in 150 cities across Europe and Africa.

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