US e-payment solution specialist Bolt raises $68 million in funding
San Francisco-based Bolt, specialised in easy, secure online payment solutions for e-tailers, devised as a response to Amazon, recently completed a second funding round worth $68 million (€61 million). The new round increased the total amount of funding raised by Bolt since its creation in 2014 to $90 million.
The operation was backed notably by the Activant Capital and Tribe Capital investment funds, as well as by managers and former managers of Forever 21, Athleta, Crocs, Allbirds, Revolve, Bombas and Jet.com. Bolt indicated it managed 1.5 million transactions in the last 18 months, for a total value of $1 billion. Bolt’s streamlined payment solutions are estimated to have enabled its partners to realise additional sales worth $25 million.
“Amazon dominates the e-tail business in the USA, with a market share in excess of 50%, thanks to a smooth, ultra-easy purchasing experience,” said Bolt’s co-founder and CEO Ryan Breslow, adding that “nevertheless, the rest of the retail industry lags far behind in purchasing experience terms, and is heavily penalised for this. Bolt hopes to level the playing field by providing to all those who don’t work with Amazon the same kind of tech sophistication without their needing to deploy any technical resources.”
Bolt quickly caught the attention of Silicon Valley by poaching personnel from Google, Facebook, Uber, Airbnb and Pinterest. The company now has 125 employees and intends to use the funds to finance an acceleration in its expansion, as well as to forge closer links with payment platforms and loyalty programmes.
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