New updates have been reported about Bolt (PC:BOLTX)
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Bolt’s co-founder Ryan Breslow, who recently resumed his role as CEO, is steering the company through significant strategic and legal developments. Breslow, speaking at a Fintech Meetup in Las Vegas, addressed the controversy surrounding a $30 million personal loan he took from Bolt, which led to legal disputes with investor Activant. The lawsuit, which alleged Breslow’s actions burdened Bolt with debt, was settled with Bolt repurchasing Activant’s shares for $37 million. Breslow defended the loan as a demonstration of his commitment to the company, emphasizing that it was board-approved and intended to signal his confidence in Bolt’s future rather than selling his shares in secondary transactions.
Looking ahead, Breslow announced Bolt’s ambitious plan to launch a ‘super app’ that will expand its one-click checkout technology across various services, including financial products, peer-to-peer transactions, and cryptocurrency. This move aims to position Bolt similarly to fintech giant Revolut, despite Bolt’s current smaller financial scale. The company’s ARR stands at $28 million, with a gross profit of $7 million, contrasting with Revolut’s $2.2 billion revenue. Additionally, Breslow addressed the status of Bolt’s anticipated $450 million fundraising round, which faced legal challenges from investors like BlackRock and Hedosophia. These disputes have been resolved, though Breslow did not provide further details on the fundraising progress. Expressing a renewed determination, Breslow is focused on propelling Bolt to new heights, acknowledging past mistakes while committing to the company’s growth and innovation.