San Francisco-based fintech startup Bolt announced it raised $50 million in a Series C funding round on Thursday. The round was led by Westcap’s Laurence Tosi with additional participation from several existing investors including Tribe Capital and Activant Capital, among others.
Bolt manages the back-end of the checkout process for online retailers in order to provide a more seamless front-end experience for online shoppers. According to the company, over 70 percent of online shoppers abandon their orders prior to checking out. Bolt’s mission is to help solve that problem.
The company’s checkout experience platform has the ability to integrate with existing e-commerce websites in order to streamline the front-end online shopping experience.
“[Online] shopping carts are expected to do everything, but everything is a lot,” Ryan Breslow, co-founder and CEO of Bolt, said in a blog post. “What it takes to power a full e-commerce store is very complex.”
In addition to its integration abilities, the Bolt platform assists online retailers with conversion optimization and defense against fraud.
“Checkout is the central nervous system of [a] revenue engine, firing off neurons in all directions, waiting for responses, while simultaneously needing to be a seamless experience,” Breslow said. “It is the most complex piece of software in commerce — and simply slimming it down is no longer an option.”
The company is trusted by some of the most prominent e-commerce platforms including SalesForce, BigCommerce, Magneto and Volusion.
“Ultimately, our goal is to help democratize commerce by making buying effortless, everywhere. We strive to help merchants of all sizes sell more, grow faster, and be more competitive against goliaths like Amazon,” Breslow continued.
Given the latest round of funding, the company is looking to further invest in sales growth and partnerships. Bolt is also looking to expand the size of its team. The company is currently hiring for multiple engineering roles.
Bolt, founded in 2014, closed on a $68 million Series B round earlier this month. The company has raised $140.1 million in venture capital to date, according to Crunchbase. In addition to San Francisco, Bolt has offices in Toronto, Salt Lake City and New York.