Payment technology company Bolt continues to do a quick job of attracting new capital. The company announced $ 355 million in Series E funding on Friday to give Bolt a valuation of $ 11 billion, according to sources close to the company.
Bolt’s one-click payment product aims to give businesses the same technology Amazon has been known for since 1997, and at the same time, integrates payment and fraud services designed to ensure transactions are real and payments. can be accepted. Additionally, buyers can create an account once and then use those credentials across a network of hundreds of brands in the Bolt Network.
The new increase comes just three months after Bolt received a significant Series D funding of $ 393 million. Including Series E, Bolt’s total funding to date is nearly $ 1 billion. The company’s valuation is almost double what it was in Series D, Ryan Breslow, founder and CEO, told TechCrunch.
Discussing Bolt’s rise to $ 1 billion, Breslow explained that the company operates in a space with competitors who 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 money raised, but in fact not, it is essential for us to be competitive,” he added. “We don’t just want to be on par with our competition, but to be better. The capital will allow us to attract the best talent, make strategic acquisitions and develop in Europe, which is important to us.
Internationally, the company got a head start there in November after securing deals with Benefit Cosmetics and PrestaShop, and when Bolt made its first-ever acquisition (of Tipser, a Sweden-based technology company enabling payment directly to any digital surface).
“We saw how important Tipser can be to Bolt,” Breslow said at the time. “They had been perfecting their in-vehicle commerce technology for a decade and were the only formidable player. They were stronger than us in the 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 checkout and shopping experience with Tipser’s integrated commerce technology continues, and together they are already signing large customers.
Meanwhile, funds and accounts managed by BlackRock led the Series E investment, with new investors Schonfeld, Invus Opportunities, CreditEase and HIG Growth joining existing investors Activant Capital and Moore Strategic Ventures.
Ben Tsai, Partner at Invus Opportunities, said via email that the e-commerce landscape offers “a huge opportunity to improve the online payment experience, and retailers are finding they are losing customers as a result. “.
“Bolt has a growing network of millions of shoppers who benefit from the ease of one-click payment through Bolt’s expanding network of retailers,” he added. “We are delighted to support Ryan and the ambitious Bolt team and to see huge opportunities in the space that Bolt is disrupting. »
Over the past year, Bolt has increased the gross value of its merchandise per trader by 80% and has seen its accounts grow 180% from 2020, while transactions have grown 200% year over year. the other. The company also claims that 100 million buyers are set to join the Bolt network over the next 18 months.
Finally, after launching Conscious Culture, a playbook aimed at helping companies create people-centered work cultures, last May, it now has nearly 80 companies and hundreds of clients in the collective.
Bolt currently has more than 550 employees working remotely in more than 200 cities. In addition to talent, acquisitions and international expansion, the new financing will also accelerate Bolt’s goals of releasing a flurry of new products this year.
The pipeline includes key investments in areas such as social commerce, where native integrated commerce will be able to be used across any channel: websites, chatbots, sites, video streams, games, and more. Breslow expects the move to place Bolt’s payment capabilities everywhere. Funding will also be injected into the expansion of consumer products to help buyers shop more efficiently on Bolt’s network.
Going forward, Breslow sees Bolt unbundling the “Amazon gold standard” shopping experience as he launches new products so that any business can not only have one-click checkout, but transparent order tracking as well, fast returns, fast shipping, and the benefits of membership – all of the technologies that gave Amazon an early edge.
When asked if becoming a state-owned company is near, Breslow said it was not in the immediate horizon or in the end goal.
“We have one goal, and that is to build the greatest company of all time,” he added.