Fresh round of $355M lifts online checkout company Bolt into decacorn territory

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Checkout Technology Company screw Accelerated work to attract fresh capital is in progress. The company on Friday announced $355 million in Series E financing to give Bolt a valuation of $11 billion, according to sources close to the company.

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Bolt’s one-click checkout product aims to give businesses the same technology Amazon has been known for since 1997, and at the same time, includes payment and fraud services to ensure transactions are genuine and payments can be accepted. does. In addition, buyers can create an account once and then use those credentials across a network of hundreds of Bolt Network brands.

The latest increase comes three months after the Bolt took off in a bigger shape. $393 million in Series D funding, Including Series E, Bolt’s total funding to date is approximately $1 billion. The company’s valuation is almost double that of the Series D, founder and CEO Ryan Breslow told Nerdshala.

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In discussing Bolt’s $1 billion mark, Breslow explained that the company deals with competitors that are actually worth hundreds of billions of dollars. Depending on the source, that are companies like Stripe, Shopify, and Checkout.com.

“It may seem like a lot of money has been raised, but really not, it is the capital for us to be competitive,” he said. “We want to not only be on par with our competitors, but to be better. Capital will enable us to bring in the best talent, make strategic acquisitions and expand in Europe, which is important to us.”

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On the international front, the company got a major start there after November Winning tie-ups with both Benefit Cosmetics and Prestashop, and when Bolt made its first acquisition of Swedish-based technology company, Tipser, which enables direct checkout on any digital surface.

“We saw how important the tipster could be for Bolt,” Breslow said at the time. “They had been perfecting their embedded commerce technology for a decade and were the only formidable players. They were stronger than us in areas where we were weak. It is very strategic to have him in our team.”

Two months later, he says the integration of Bolt’s native checkout and shopper experience with Tipser’s embedded commerce technology continues, and together, they’re already signing up some big customers.

Meanwhile, funds and accounts managed by BlackRock led the Series E investment, with new investors Schoenfeld, Invus Opportunities, CreditEdge and HIG Growth joining existing investors Active Capital and Moore Strategic Ventures.

Ben Tsai, partner at Invus Opportunities, said via email that the e-commerce landscape “presents a huge opportunity to improve the online checkout experience, and retailers are realizing they are losing customers as a result.”

“Bolt has a growing network of millions of shoppers, who benefit from the ease of one-click checkout across Bolt’s wide network of retailers,” he added. “We are delighted to have the support of Ryan and the ambitious Bolt team and see tremendous opportunity in the space that Bolt is disrupting.”

Over the past year, Bolt increased its gross trading value per trader by 80% and saw accounts grow by 180% in 2020, while transactions grew 200% year over year. The company also says that 100 million buyers are ready to join the Bolt network in the next 18 months.

Finally, after launching Conscious Culture, last May aimed at helping businesses create a people-first work culture, it now collectively counts around 80 companies and hundreds of customers.

Bolt currently has over 550 employees working remotely in over 200 cities. In addition to talent, acquisitions and international expansion, the new funding will also accelerate Bolt’s goals of launching a flurry of new products this year.

Within the pipeline are significant investments in areas like social commerce, where native embedded commerce will be able to go on any channel: websites, chat bots, in-venues, video streams, games, you name it. Breslow hopes the move will increase the Bolt’s checkout capability everywhere. Funds will also be invested in expanding consumer products to help shoppers shop more efficiently on Bolt’s network.

Going forward, Breslow sees Bolt unbundling the “Amazon gold standard” buying experience as it launches new products so that any business can have not only one-click checkout, but seamless order tracking, faster returns, So too be fast shipping and subscription benefits – all technologies that gave Amazon an early advantage.

When asked whether becoming a public company is near, Breslow said it is not in the immediate horizon and not the end goal.

“We have one goal, and that is to be the biggest company ever,” he said.

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