Bolt has officially launched a new “superapp” designed to compete directly with major players like Coinbase, Zelle, and PayPal. Spearheaded by founder Ryan Breslow, the platform aims to democratize cryptocurrency trading for the masses while streamlining peer-to-peer payments and retail shopping.
A “Coinbase for the 99%”
Breslow describes the new offering as a tool for the average consumer rather than tech-savvy crypto enthusiasts. The company, which previously acquired cryptocurrency firm Wyre for $1.5 billion in 2022, is pivoting back to its foundational mission: making crypto accessible.
Beyond digital assets, the app intends to fill the void left by Zelle’s standalone app shutdown. Bolt users can now process peer-to-peer payments with a single click, bypassing the typical requirement of routing transactions through traditional banking interfaces.
Integrated Banking and Shopping Rewards
In partnership with Midland States Bank, Bolt is introducing a debit card integrated with a rewards program. Cardholders can earn up to 3% cash back on eligible purchases and up to 7% in credits for Love.com—a health and wellness startup also founded by Breslow. Because Bolt is not a bank, users must fund their accounts via external transfers.
The app also includes real-time order tracking, a feature intended to mirror the functionality of competitors like Klarna. It is available on iOS today, with a Google Play store release scheduled for the near future.
Scaling Through a Massive User Network
Despite previous struggles with revenue growth, Breslow claims the company has expanded its reach to 80 million shoppers in the U.S. and a global network of hundreds of merchants, including retailers like Revolve and Kendra Scott. The strategy for monetization is clear: generating revenue through interchange fees on debit transactions and processing fees for crypto trades.
“Prior to my return, our revenue did not grow much,” Breslow admitted, noting that he plans to rectify past management inefficiencies. “However, our platform kept on enrolling shoppers.”
Navigating Legal Hurdles
The launch comes after a turbulent period for the fintech company, which faced intense scrutiny over a proposed $450 million funding round and a high-profile lawsuit from investor Activant Capital regarding a $30 million loan. That case was settled last year with Bolt agreeing to buy back shares for $37 million.
Following the voluntary dismissal of a lawsuit from investors like BlackRock and Hedosophia, Bolt is now in early discussions for a new funding round. Reflecting on the past three years, Breslow remains optimistic: “I’ve been winning back the trust of judges, investigators, and our team. It’s been an incredibly challenging, but remarkable learning experience.”
Bolt, which has raised approximately $1 billion in total venture capital, previously held an $11 billion valuation. With this new product launch, the company aims to leverage its existing user data to stabilize its financial future and prove its long-term viability in the competitive fintech landscape.