Bolt, a checkout technology firm, continues to acquire new financing quickly. According to sources close to the company, Bolt raised $355m in Series E funding on Friday, valuing the company at $11bn.
Bolt’s one-click checkout seeks to provide businesses with the same technology that Amazon has been recognized for since 1997 while also incorporating payments and fraud services to verify that transactions are legitimate and payments may be accepted. Furthermore, customers may register an account once and use their credentials across the Bolt network’s hundreds of companies.
This latest round of funding comes just three months after Bolt raised $393 million in Series D fundraising. Bolt has raised almost $1 billion in total funding so far, including the Series E. According to Ryan Breslow, the company’s founder and CEO, its worth is roughly double what it was at the Series D.
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“It may seem like a lot of money raised, but actually no, this is capital for us to be competitive,” he added. “We don’t just want to be on par with competitors, but be better. The capital will enable us to bring in the best talent, make strategic acquisitions and expand into Europe, which is important to us.”
On the international front, the company got a head start there in November after securing agreements with both Benefit Cosmetics and PrestaShop, and when Bolt made its first-ever acquisition (of Tipser, a Swedish-based technology company enabling direct checkout on any digital surface).
“We saw how significant Tipser could be for Bolt,” Breslow said at the time. “They had been perfecting their embedded commerce technology for a decade and were the only formidable player. They were stronger than us in areas where we were weaker. It is very strategic to have them on our team.”
Two months later, he says the integration of Bolt’s native checkout and shopper experience with Tipser’s embedded commerce technology continues and that, together, they are already signing up some big customers. Meanwhile, funds and accounts managed by BlackRock led the Series E investment, with new investors Schonfeld, Invus Opportunities, CreditEase and H.I.G. Growth joining existing investors Activant Capital and Moore Strategic Ventures.
Source: FFnews
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