Bolt’s CEO talks about the startup’s performance since the lawsuit and says the number of merchants is up 192% year-on-year.

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After a week of headlines, one-click payment startup Bolt posted a public response to questions about how it fares in a competitive environment.

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CEO Maju Kuruvilla released Blog Post today acknowledging that the company “has become very popular in the media over the past few months.”

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In case you missed it, the startup was in the news last week for a number of reasons outlined. hereincluding a lawsuit filed by a major client and reports of deceleration in revenue and customer growth.

I contacted all of the above and the rep told me no one was available for an interview because the company was “on line” but she shared a link to a blog post. Sources familiar with internal events at the company told TechCrunch that Bolt is in “standby mode” as it “is in the process of filing a motion to terminate.”

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In a blog post, Kuruvilla revealed the following data on the company’s performance, writing that Bolt: has a total of 13.8 million “buyer accounts”, a 131% year-over-year increase, and has 836 active trading accounts during all countries. product lines that are 192% increase year on year.

The figures released appear to be an indirect response to what The Information reported last weekthat is, the number of merchants that Bolt works with “has hovered around 300 since 2020.”.

Curuvilla, a former Amazon executive, took over as CEO in January after founder Ryan Breslow stepped down. In a blog post, he also addressed speculation that the company is struggling in part because of efforts by companies like Amazon, Shopify and Stripe to implement one-click payment. According to him, these companies are using “restrictions … to trap people in their ecosystems.” He went on to state that “Bolt’s focus on decentralized commerce” means “building scalable tools”.

Bolt CEO Maju Kuruvilla

Bolt CEO Maju Kuruvilla / Photo: Bolt

“We’re focused on decentralization because we know something they don’t: The era of single marketplaces is over. Brands and merchants are having a day and we are empowering them by building tools that help them convert buyers, learn about their consumers, and capitalize on our growing network.”

Notably, Stripe was an investor in Bolt’s competitor Fast. recently exploded after raising $120 million in funding.

Since its inception in 2014, Bolt has raised over US$1 billion in funding and was valued at US$11 billion at inception. Raising $355 million in Series E in January. Investors include funds and accounts managed by BlackRock, Schonfeld, Invus Opportunities, CreditEase, HIG Growth, Activant Capital and Moore Strategic Ventures.

Bolt is no stranger to controversy. Its 27 year old founder, Ryan Breslow, founded the company after dropping out of Stanford. He stepped down as CEO in January and is widely known for his very candid rants such as this series of tweets and recent excavations in the media. AT interview with Connie Loizos of TechCrunch That same month, he said that the company had signed about 10 major deals in the second half of last year, each larger “than any Bolt has signed in the company’s history before.

In early April, Bolt announced plans to acquire cryptocurrency startup Wyre for $1.5 billion, a staggering sum for any company, but especially for a company as mired in controversy as this one.

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Credit: techcrunch.com /

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