Bolt CEO returns with fresh $600M fintech pitch to investors

by Katie Roof and Lizette Chapman

Ryan Breslow, the chief executive officer of one-click checkout company Bolt Financial Inc., is back with a fresh pitch to investors — seeking to raise $600 million, according to people familiar with the matter. Previous attempts by Breslow to raise cash hit roadblocks. 

The pitch asks for funding to be evenly split between Breslow’s two companies, Bolt and Love.com Shops LLC, said one of the people, all of whom asked not to be identified because the information is private. Bolt is a financial technology company that reached a $11 billion valuation in 2022, before it was accused of overstating customer relationships and the capacity of its technology (a lawsuit from its largest customer is now settled). Love is a wellness startup Breslow co-founded that sells soaps, supplements and other products with a focus on environmental sustainability. 

Breslow declined to comment on the effort, but said in an interview that Bolt is growing, and that he has “restored relationships with the vast majority of VCs.” 

Bolt is seeking the $300 million funding at an $11 billion valuation, in a financing that would be structured as a continuation of its previous round three years ago, according to one of the people. It couldn’t be determined if Breslow had successfully lined up interest from investors for the funding round. 

Bolt became a Silicon Valley spectacle in recent years after a series of well-publicized travails — including cycling through chief executive officers, multiple lawsuits and social media pot-stirring by Breslow. 

Breslow has made big pitches to investors before: In 2022, one month after he raised $355 million for Bolt, the company tried to raise another round of funding that would boost its valuation to $14 billion. But the deal was never announced. Instead, Bolt laid off one-third of its staff that spring.

More recently, the company attempted an unusual Series F funding round that would allegedly have funneled millions to Breslow directly, according to a lawsuit from Bolt Investors. The litigation was eventually voluntarily dismissed. A funding deal was never announced. 

Breslow, who once advocated for a four-day work week and said he takes time to meditate and dance every day, said that he now keeps the habits of a more traditional executive. He returned as CEO of the company in March. Earlier this month, the company partnered with Palantir Technologies Inc. to add artificial intelligence technology to its payments services.

Today, Breslow said that Bolt is gaining traction. The company has signed more deals in the past two weeks, he said, than in the last three years since he stepped away from daily operations. He added that the number of shoppers on Bolt’s network has increased eightfold to 80 million.

The 31-year-old also said that he has matured as a leader — particularly since he called the venture world a “boys club” full of “mob bosses” on social media. “Certain comments were made when I was younger, less mature, full of ego,” Breslow said. “I’m certainly not perfect now, but I’m a little older and wiser and I’ve learned that life is a long game.”

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