New $ 355M round lifts online payment company Bolt to decacorn range - TechCrunch

New 355M round lifts online payment company Bolt to

Technology company Checkout Bolt continues to work quickly to attract new capital. The company on Friday announced $ 355 million in Series E funding to give Bolt $ 11 billion in valuation, according to sources close to the company.

Bolt's one-click payment product aims to provide businesses with the same technology that Amazon has been famous for since 1997, while at the same time incorporating fraudulent payments and services to ensure transactions true and payments will be accepted. Additionally, customers can create an account once and then use these credentials across a network of hundreds of Bolt network brands.

This latest increase comes just three months after Bolt raised $ 393 million in Tier D funding. Including Tier E, Bolt 's total funding to date is nearly $ 1 billion. The company’s valuation is nearly twice what it was at Series D, Ryan Breslow, founder and CEO, told TechCrunch.

Speaking of Bolt 's rise to total funding close to the $ 1 billion mark, Breslow explained that the company works in a place with competitors that are actually worth hundreds of billions of dollars. According to the source, these are companies like Stripe, Shopify and Checkout.com.

"It may seem like a lot of fundraising, but it really is not, this is a capital city for us to be competitive," he said. The capital allows us to bring in the best talent, build strategically and expand into Europe, which is important to us. ”

On the international front, the company got a head start there in November after getting an agreement with both Benefit Cosmetics and PrestaShop, and when Bolt made its first ever purchase (of Tipser, a company Swedish-based technology that allows direct payment on any digital surface.).

"We saw how important Tipser could be to Bolt," Breslow said at the time. “They had been perfecting their rooted trading technology for ten years and were the only outstanding player. They were stronger than us in areas where we were weaker. It's very strategic to have them on our team. "

Two months later, he says the integration of Bolt's native and customer payment experience with Tipser's rooted trading technology is continuing and that, together, they are already signing some big customers.

At the same time, cash and accounts were managed by BlackRock over the E Series investment, with new investors Schonfeld, Invus Opportunities, CreditEase and HIG Growth joining top investors Activant Capital and Moore Strategic Ventures.

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Ben Tsai, a partner at Invus Opportunities, said by email that the e-commerce landscape offers “a unique opportunity to develop their online payment experience, and retailers recognize that they are losing customers as a result. ”

"Bolt has a network of millions of customers who benefit from the ease of a single click out over Bolt 's expanding network of retailers," he said. support Ryan and Bolt's ambitious team and a great opportunity to see where Bolt cares. "

Over the past year, Bolt grew the total product value per buyer by 80% and saw accounts increase 180% over 2022, while transactions grew 200% year over year. The company also says that 100 million customers are ready to join the Bolt network over the next 18 months.

Finally, after the launch of Conscious Culture, a playbook aimed at helping businesses create first-rate work cultures, last May, it now counts nearly 80 company and hundreds of customers in the assembly.

Bolt currently has more than 550 employees working remotely across more than 200 cities. In addition to international talent, construction and expansion, the new funding will also accelerate Bolt's goals of releasing a series of new products this year.

Within the pipeline are major investments in areas such as social commerce, where indigenous commerce will be able to stream on any channel: websites, chat bots, in-house, video streams, games, you name. Breslow expects this move to increase Bolt's payment capabilities everywhere. Funding will also be pumped into expanding consumer products to help customers make more efficient purchases over the Bolt network.

In the future, Breslow sees Bolt dismantle the “Amazon Gold standard” buying experience by launching new products so that no business has just one-click check but also tracking anonymous orders, fast results, fast shipping and membership benefits - all technologies that gave Amazon an early advantage.

When asked if it was a nearby public company, Breslow said it was not nearby or at the ultimate goal.

"We have one goal, and that is to build the largest company ever," he said.

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