Bolt Seeks $27 Million Lifeline to Revive Payments Business

Bolt, the payments startup co-founded and led by Ryan Breslow, was valued at $11 billion at the height of the technology funding boom in 2022. Its workforce has since been sharply reduced as financing conditions tightened and the company’s growth came under pressure. Securing fresh capital is critical to stabilizing operations, rebuilding the business and positioning Bolt for a larger funding round.

Breslow is seeking as much as $27 million in bridge financing through convertible debt, with a provision requiring participating investors to commit additional capital in a subsequent round. He plans to contribute $5 million of his own money. Bolt is now valued at about $300 million, a decline of roughly 97% from its 2022 peak, underscoring the scale of the turnaround facing the company.