Fintech Startup Bolt is Preparing to Gain Unicorn Status

By Nicholas Say Nicholas Say has been verified by Muck Rack's editorial team
Published on July 11, 2021

Bolt, a fintech startup based in San Francisco, is preparing for a new funding round in which it expects to raise over $300 million, which would be enough to achieve unicorn status.

According to Bloomberg, people familiar with the matter said under anonymity that the company is aiming to top its $850 million valuation obtained last year.

For this purpose, the company is currently working in partnership with a financial adviser to prepare for a new funding round.

The startup specializes in providing retail brands with online “lightning-quick” checkout solutions. With demand for online shopping on the rise, Bolt expects to reach a valuation of at least $3 billion depending on investor demand.

Research has proven that one-click transactions are more effective at converting clients by removing the need for registrations or guest checkout options. This makes platforms like the one offered by Bolt especially attractive for merchants, publishers, and e-commerce platforms.

Founded in 2014 by Ryan Breslow, Bolt has raised $215 million ever since. The list of investors backing the startup includes firms like General Atlantic, WestCap Group, Tribe Capital, and Activant Capital Group.

Back on June 28th, the company announced it had reached the 7 million shopper account milestone in its network. It also has partnered with companies like Authentic Brands Group, owner of Forever 21, and Brooks Brothers.

According to a research report published by the startup, one-third of all consumers in the United States will be using Bolt by the end of 2022. This fraction is expected to increase to two-thirds by the end of 2024, and to fourth fights by 2025.

Referring to the reason behind this increasing demand, the report states:

“What benefits consumers is what draws together merchants. We’re bringing an Amazon-like network to all independent merchants, and Bolt is decentralizing commerce for retailers and shifting e-commerce forever.”

The fintech startup has yet to announce a funding round but if the information provided to Bloomberg is correct, investors are likely to jump at the opportunity of participating.

By Nicholas Say Nicholas Say has been verified by Muck Rack's editorial team

Nicholas Ross Say is a news desk editor at Grit Daily. An award-winning journalist, he covers the daily startup beat. He grew up in Ann Arbor, Michigan and has lived in South America and South East Asia. At present, Nicholas lives in Southern Vietnam where the Sun shines, and the noodles flow like wine. He's written for Blockonomi and Coin Journal, among others.

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