Behind the scenes, though, Bolt’s revenue growth fell dramatically, and questions have arisen about the veracity of its past statements about merchants that were using its services. Revenue from transactions Bolt processed grew around 10% to $28 million last year after it slashed the fees merchants pay for its services, according to an internal document viewed by The Information. The dramatic slowdown shows Bolt is under significant competitive pressure from PayPal and Shopify, which have launched their own one-click checkout buttons for merchants. And while Bolt has touted efforts to work with more high-profile retailers, the number of merchants it works with has been hovering in the low 300s since 2020 and declined in the beginning of this year, the document showed. Bolt’s private valuation of nearly 400 times its annual transactions-based revenue puts it in rarefied company in the startup world, especially given its tepid revenue growth. But since its latest funding, macroeconomic conditions and a stock market rout have negatively impacted funding for some mature startups and lowered their valuation multiples. Perhaps unsurprisingly, Bolt’s fundraising efforts are now on ice, according to a person familiar with the matter, confirming an earlier Axios report. Behind the scenes, Bolt has been facing other issues. Its total number of merchant accounts fell to 316 as of the end of the first quarter compared to 328 in 2021 and 301 in 2020, the document showed. While small in absolute terms—and still in line with the 300 merchants the company previously said it has—the dip is notable given Bolt’s emphasis on adding popular online stores to its network of seamless checkouts. So far in 2022, the prospects for Bolt’s revenue growth don’t seem to have improved. In the first quarter of 2022, Bolt generated $5.2 million in revenue after taking a 1.2% cut of $421.7 million of transactions that its software facilitated, the internal document showed. It’s unclear how that figure compares to the year-ago quarter, but it implies that growth could be subdued unless more big merchants begin working with Bolt. And while Bolt at one point last year was said to be on pace to generate $40 million in revenue annually, it currently looks to be nowhere near that pace. https://www.theinformation.com/articles/bolt-a-checkout-startup-worth-11-billion-has-been-losing-customers-as-revenue-stalls
Implosion awaiting.
Happened
Investors and employees should bolt fast :)
⚰️ is ready just needs the bolt
Leave them alone 🙂
It’s time for Ryan to blame Stripe mAfiA
Plaid CEO is onto Stripe as well
Thank you for the content
All I’m gonna say is what we do this year will make or break Bolt
Except it's not gonna be a good year for Fintech. Recession incoming.
Same scam as fast named bolt
You do realize most of our transactions is during Black Friday ? Or online purchases in general
Ehh Q1 revenue might be right…? Idk I haven’t checked
They start off with the completely wrong revenue for last year. No matter what you compare that to this year there is no way to save that article.
Stuck at 300 accounts for 3 years? Not good. Should be doubling each year.
This info is outdated we have way more than 300 now
The numbers are inflated with accounts that are signed but never went live. Merchants that are live are a little over 300.
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7 days work weeks now?
Better make it 8 just to be safe