FinTech profile: Bolt, the ultimate checkout experience
FinTech Magazine takes a closer look at one of the fastest-growing financial software startups to emerge in the fintech space today, Bolt.
Ecommerce innovator Bolt is living up to its name. Having recently been named as one of the 15 fast-growing startups to join, as well as being included in the Fortune Best Workplaces in the Bay Area 2020 List, Bolt is the fintech to watch.
Formerly known as Bitco Financial, Inc, Bolt isn’t to be confused with the blockchain firm of the same name, or the ride-sharing company once known as Taxify. To date, Bolt has raised US$90mn funding, achieved after the closure of its series B funding round in July 2019.
What does Bolt do?
Bolt seeks to improve the checkout experience for online retailers by creating “the perfect online checkout”. The platform claims to reduce the time spent checking out by 50% compared to competitors by integrating with platforms such as BigCommerce, Shopify, Magento, Woocommerce, and Salesforce Commerce Cloud.
“The way online commerce works today is, frankly, embarrassing," said CEO and co-founder Ryan Breslow. "Bolt is redefining the way online retailers and merchants approach their payments infrastructure and fraud detection by eliminating the layers and replacing them with one seamless product.”
He goes on: “and this isn’t just for merchants. For the millions of consumers, we are powering a seamless, Amazon-like checkout experience that will dramatically reduce headaches, increase the speed at checkout, and virtually eliminate false positives and declined transactions.”
In addition to this, it exercises excellent fraud analysis by monitoring mouse pointer locations and keyboard habits. As a result, the company shares that it can detect 100% of fraudulent behaviour.
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About the CEO
Ryan Breslow embodies the image of a college tech genius. In 2014, he left Stanford’s Computer Science program in order to co-found the financial service provider Bolt with Eric Feldman. Today, he leads a team of over 150 employees across the fintech’s Salt Lake City and San Francisco locations.
Did you know? Ryan Breslow recently became our top fintech innovator under 30.
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