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.
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG