Ryan Breslow, the co-founder and controversial CEO of Bolt, is leading an effort to raise up to $27 million in a pay-to-play bridge funding round to keep the checkout startup afloat. Bolt, which once held an $11 billion valuation in early 2022, has since seen its worth fall drastically to around $300 million. This funding approach requires participating investors to commit capital or risk losing a significant portion of their equity, signaling the critical nature of this financing for the company’s survival. Breslow himself is personally putting in $5 million as a vote of confidence in Bolt's future.

The bridge round is designed to provide Bolt with enough capital to build on recent operational progress, settle legacy obligations, and prepare for a forthcoming Series E2 fundraising. While details about the exact financial situation remain undisclosed, Breslow insists the company is close to profitability and growing after a period of revenue decline. The financing is structured as convertible notes that would convert into equity during the next major round, demonstrating the urgency and strategic intent behind this move.

Breslow, who resumed the CEO role in March 2025 after a three-year hiatus marked by legal conflicts and investor disputes, remains committed to reviving the company he founded at 19. He believes that Bolt has a strong competitive moat and is betting on the success of its “super app,” which integrates various financial services such as peer-to-peer payments, crypto, and credit cards into a streamlined checkout process. Despite reducing Bolt’s workforce from 900 employees in 2021 to just 60 today, Breslow credits AI-driven efficiencies for improving productivity and operational speed.

The company’s past fundraising efforts have faced turmoil, including a failed $450 million raise at a $14 billion valuation in 2024, which collapsed amid legal challenges involving major investors like BlackRock. Unlike that round, this new bridge financing has approval from Bolt’s board and a majority of preferred shareholders, though not all investors are expected to participate. Breslow remains focused on steering Bolt through its current challenges rather than starting anew, confident that the platform can once again achieve the prominence it once held in the fintech landscape.