It’s no secret that the e-commerce industry has taken off throughout the course of the pandemic. As a result, the payments companies that serve them are reaping financial rewards of their own. San Francisco-based fintech giant Bolt is the latest payments space to receive a financial lift from keen-eyed investors with a pulse on the market.
On Tuesday, Bolt announced the arrival of $393 million in fresh financing. The investment includes $333 million in Series D funding and $60 million in follow-on capital.
Bolt integrates with existing e-commerce websites in order to streamline the front-end online shopping experience. The one-click checkout provider services hundreds of online retailers including Forever 21, Badgley Mischka and Milk Makeup.
With this raise, Bolt has banked over $600 million in venture capital financing to date, according to the company. The fresh investment sent the unicorn’s valuation soaring to $6 billion.
“Today’s one small step for Bolt, and one giant leap for online commerce,” Ryan Breslow, founder and CEO of Bolt, said in a statement. “Retailers and brands crave a network outside the major marketplaces and the ability to offer their customers consistent experiences. Shoppers, meanwhile, want a single identity to shop securely, wherever they are.”
Bolt has been raking in some big bucks over the last year. In July of 2020, the company grabbed $50 million for its Series C. That round was later extended in December of 2020 when the company tacked on an additional $75 million.
At the time, Bolt announced that it had processed over $1 billion in retail transactions and increased the size of its shopper network 10x. The fintech giant now expects to serve eight out of every ten shoppers in the United States by 2025.
“We’re allowing merchants to reclaim their relationships with their customers and enabling shoppers to check out with ease,” Breslow continued.
Bolt will use the capital from its latest raise to expand its product suite. The company plans to launch new tools that will enable shoppers to checkout on any page that they discover products, rather than being redirected to a retailer’s page.
Bolt’s pockets aren’t the only thing expanding, the company’s team has grown nearly 200 percent year over year.
Following the latest raise, the company plans to continue the hiring momentum. Bolt is currently on the lookout for over 40 fresh faces to join its engineering, operations and product teams, to name a few. Dozens of remote jobs are also up for grabs, spanning multiple departments.
New investors Untitled Investments, Willoughby Capital and Soma Capital participated in the round, alongside several existing investors.
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