Bolt seeks up to $27 million bridge loan with pay-to-play terms

Bolt, the payment-processing platform co-founded by Ryan Breslow in 2014, is pursuing a bridge financing of up to $27 million structured as a convertible note with a pay-to-play clause that penalises investors who opt out. After peaking at an $11 billion valuation in early 2022, the firm now sits at about $300 million and aims to use the funds to meet operational milestones, settle legacy obligations and prepare for a forthcoming Series E2 round.

Breslow, who returned as CEO in March 2025, is putting $5 million of his own money into the round and projects that at least $15 million will be contributed by its roughly 100 existing backers. The financing follows a failed $450 million raise that was blocked by investors such as BlackRock and Hedosophia. While the exact cash runway remains undisclosed, Breslow claims Bolt is nearing profitability and leveraging AI to operate with a staff reduced from 900 to about 60. He remains convinced the company can revive its “super app” offering and restore its market position.