“Instead of one-click checkout, we’re going to have one-click everything: financial services, peer-to-peer, crypto, cards, financial products, all in one app,” he said.
Breslow compared Bolt to U.K. fintech Revolut, which was valued at $45 billion last year, claiming Bolt has 80 million “wallets” compared to Revolut’s 45 million, although he admitted Bolt has not “monetized our consumers yet.”
Indeed, Bolt’s ARR stood at about $28 million with $7 million in gross profit as of the end of March 2024, tech publication Newcomer reported last year. That’s small compared to Revolut, which announced $2.2 billion in revenue and $545 million in profits (before tax) for 2023 alone.
The big question remaining about Bolt is the status of its next fundraise. In August, news broke about a pending $450 million fundraise deal. But it raised questions over its unusual use of $250 million in “marketing credits” and lack of confirmation from an investor mistakenly identified as its lead.
Some of Bolt’s investors, including BlackRock and Hedosophia, sued to block the round, Forbes reported, but that has been voluntarily dismissed by all parties, Bolt announced today.
Breslow noted during his speech that “all” the legal cases against him are “fully settled, dismissed” but didn’t provide an update on the $450 million fundraise.
He did comment, though, that he’s been “humbled” by his experience and has found a newfound determination to run Bolt after his faith and himself — and his startup — was challenged.
“You know, I obviously make mistakes but I’ve got a very big chip on my shoulder,” he said. “I’m ready to take Bolt to really new heights.”
BlackRock and Hedosophia didn’t respond to a request for comment.
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