Bolt has released a new SuperApp combining one-click crypto and everyday payments to compete with the likes of Coinbase, Zelle and PayPal.
The product is the first out of the trap since the founder of Bolt, Ryan Beslow, re-assumed control of the company he founded in 2014.
Breslow stepped down in January 2022 following controversey over a $30 million personal loan he took out of the company, sparking a legal battle with Bolt investor Activant.
Activant claimed Breslow saddled the startup with $30 million in debt by borrowing that amount and then defaulting, with company funds used to pay it back.
The case was eventually settled, with Bolt agreeing to repurchase Activant’s shares for $37 million last year.
Having raised around $1 billion in funding with a one-time high valuation of $11 billion, Bolt has since been in the doldrums with lower revenue growth impacting its standing.
Breslow fought off disquiet from the board to return as CEO earlier last month with plans to expand on the company's checkout interface with the creation of a SuperApp that acts as a centralized and personalized hub for financial services.
Says Breslow: "Bolt's app is fast, simple, rewarding, and radically consumer-first. We've taken the most essential money tools — crypto, payments, shopping, and rewards — and rebuilt them into a single, seamless experience. This is the future we've been building toward for many years and the time is now. No more juggling apps, no more friction. Just one single app, and one single click, for everything to do with your money with ease."
Bolt is offering a robust feature set, with additional functionality on the horizon, including one-click crypto, a rewards-based cashback debit card and peer-to-peer payments.
The app is available for download at the Bolt website. Once downloaded, iOS users will be added to a waitlist. Full access is expected to be granted selectively to iOS users early next week, and Android users will follow in the coming months.