Ryan Breslow is seeking up to $27 million in bridge financing for Bolt, the payments startup he co-founded, as he works to stabilize the company and position it for a larger funding round, according to TechCrunch.
The financing is being raised from Bolt’s existing investors and is structured as a convertible note, the news outlet reported Monday (Aug. 31). The round includes a “pay-to-play” provision that would reduce the equity stakes of investors who decline to participate. Breslow, who returned as Bolt’s CEO in 2025, is committing $5 million of his own money to the financing.
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Bolt was valued at $11 billion in early 2022, but that valuation subsequently fell by about 97% to $300 million, according to TechCrunch. The company has also substantially reduced its workforce, from roughly 900 employees in 2021 to about 60 today. PYMNTS reported in April that the company had cut at least a third of its workforce amid reports of financial pressures.
Breslow declined to tell TechCrunch how much cash Bolt has remaining but said the company is approaching profitability and returning to growth after several years of declining revenue. The financing, according to a company statement cited by TechCrunch, is intended to address legacy obligations and support the company as it works toward a Series E2 funding round.
Breslow expects Bolt’s approximately 100 investors to provide at least $15 million of the new financing, though participation is not expected to be universal. Bolt’s board and a majority of preferred shareholders have approved the raise.
The financing follows an unsuccessful $450 million fundraising effort in 2024 that valued Bolt at $14 billion. That proposed round collapsed after investors, including BlackRock and Hedosophia, sued to block it. The lawsuit was later voluntarily dismissed.
Breslow is also betting on Bolt’s “super app,” which combines checkout with financial services, peer-to-peer payments, cryptocurrency and credit cards. He told TechCrunch that he believes the company can regain ground in the payments market as it works toward a larger fundraising round.
