In the world of e-commerce, one-click checkout has become a technological advancement that is altering the game. With this ground-breaking technology, online merchants can streamline their checkout procedures and lower the risk of cart abandonment, which will boost sales. Every e-commerce site anticipates implementing this solution to boost conversion rates and improve client experience.
Amazon previously only had the patents for a one-click checkout solution. Bolt Financial Inc., a US-based firm, created its own one-click, lightning-fast checkout software as a result of the shift in the market.
Introducing Bolt
A financial technology business called Bolt Financial Inc. (Bolt) offers mobile-read checkout software made for e-commerce sites that include sales analysis, handles online payments, and stops fraud. By enabling blazing-fast, secure, logged-in, one-click checkout, the platform enables retailers to better connect with customers.
With its main office in San Francisco, California, Bolt also has offices in Stockholm and Salt Lake City. It serves roughly 250 merchants and processes close to $500 million in purchases annually. Additionally, Bolt’s network has about 5.6 million shoppers who have registered.
Bolt: Fintech Industry
Bolt works in the fintech sector, whose global market size was predicted to reach $698.49 billion by 2030 from an anticipated $110.57 billion in 2020. From 2021 to 2030, the market is anticipated to expand at a CAGR of 20.3%. In order to enhance financial inclusion and spur sector growth, governments all over the world are backing fintech tools, platforms, and solutions.
Additionally, the demand for digital payment systems rose during the Covid-19 outbreak. Additionally, businesses like Google Pay and PayPal saw a significant surge in clients and online transactions. Ant Group, Stripe, Inc., Intuit, Inc., Coinbase, and Adyen Group are more significant companies in the fintech sector.
The Founders and Team
Co-founders: Eric Feldman and Ryan Breslow
CEO: Maju kuruvilla
About Eric Feldman
Bolt’s co-founder, Eric Feldman, parted ways with the business in 2017. Ryan Breslow and he both earned computer science degrees from Stanford University. Additionally, Eric made investments in a number of businesses, including Gradia Health, SphereOne, Practice, Rocket Academy, and FrontRow.
About Ryan Breslow
Bolt’s co-founder and chairman is Ryan Breslow. He received his Computer Science degree from Stanford University. Numerous businesses, including The Movement, Sites by Hand, Prism, Eco, and Love, were launched by Ryan. In addition, he made investments in Terzo, Green Carbon, Cove PBC, and Permanent.
About Maju Kuruvilla
The CEO of Bolt is Maju Kuruvilla. He holds an MBA from the University of Washington and a degree in computer engineering from Mangalore University. He served as Bolt’s COO prior to being named the company’s CEO. Maju also held positions as VP and CTO at Milliman, as well as Software Engineer at Microsoft and Honeywell.
Team
VP of Marketing: Tom Berger
Chief Financial Officer: Scott Stockberger
Chief Customer Officer: Tina Fan
Chief Business Officer: Bob Buch
Bolt currently has more than 1,000 employees.
The Beginning of Bolt
Eric Feldman and Ryan Breslow founded Bolt in 2014. Prior to leaving Stanford to launch Bolt with a fellow student, Eric Feldman, Ryan and his buddies at Stanford used to mine Bitcoin from inside of their residence halls. Their primary goal was to make online checkout simpler for customers and assist small businesses in competing with Amazon, who up until 2017 held the only one-click checkout patent. Ryan’s dorm room served as the company’s headquarters. After some time, Bolt changed its focus from Bitcoin wallets to e-commerce payments.
The business formally launched its first merchant using the payment service in the middle of 2016. It started publicly promoting its fraud protection solution to merchants in 2018. In 2019, Bolt introduced a checkout akin to Amazon. It introduced the “Retailers Give Back” Index a year later, in 2020. Bolt introduced the Single Store Account and Payment for online retailers in 2021. In October 2022, the business unveiled the Virtual Shopper Assistant.
Purpose and Aspirations
The goal of the business is to democratize trade. Its goal is to redefine e-commerce norms.
Product and Services
The following is a list of Bolt’s product offerings:
One Click Checkout, Bolt SSO, Product Releases, The Bolt Network, Account Creation, Merchant Analytics, Goodbye, Fraud Protection, Guest Checkout
Business Model of Bolt
With Bolt, buyers can purchase goods with only one click and e-commerce merchants can manage online payments. Bolt also provides fraud protection. Any business might integrate our one-click checkout tool into their current payment system to increase the number of customers they convert to customers. Customers can quickly complete their purchases on online stores by logging in without using a password thanks to the program.
Bolt also has everything it needs to enable messages, gifts, gift cards, redeem discounts, and handle shipping with ease. According to the company, using Bolt’s integrated features can reduce checkout times from over a minute to under a minute.
It produced about $30 million in revenue in 2021, and $7.2 million in the first quarter of 2022. The company’s workforce size increased from 10 personnel in 2018 to 800 in 2022.
Investments and Financing
Over 10 investment rounds, Bolt has secured $972.1 million in funding. The Secondary Market Round, its most recent round of investment, was held on January 19, 2022. Leading investors supporting the business include General Atlantic, Westcap, Axevil Capital, Schonfeld Strategic Advisors, and Activant Capital.
Merger and Acquisition: On November 24, 2021, Tipser was purchased by Bolt.
Awards and Achievements
Bolt has developed an award-winning workplace and culture along the way, and the business has won praise from top businessmen. The following listed awards recognize it:
- Great Places to Work (U.S. Certified APR 2021-APR 2022)
- The Bay Area’s 2020 Fortune Best Places to Work
- CB Insights’s Fintech 250
FAQ’S
- Who are Bolt Financial Inc.’s primary rivals?
Ans. PayPal, Stripe Connect, Signifyd, Apple Pay, Amazon Pay, and Checkout.com are some of Bolt Financial Inc.’s key rivals.
- Who are Bolt Financial Inc.’s founders?
Ans. Ryan Breslow and Eric Feldman co-founded Bolt in 2014.
- What is the valuation of Bolt?
Ans. Bolt is Valued at $11 billion as of 2022.
