Bolt CEO Ryan Breslow explains his troubled $30M personal loan, announces new ‘super app’

Ryan Breslow defends a controversial $30M loan and unveils Bolt's ambitious 'super app' plans amid ongoing challenges.

: Ryan Breslow, CEO of Bolt, discussed a contentious $30 million personal loan at the Fintech Meetup in Las Vegas, asserting it was for the company's benefit. Breslow acknowledged past mistakes but emphasized they differ from accusations, pinpointing that the root issue lay with unfamiliar investors on the cap table. He announced a new 'super app' that integrates multiple financial services, comparing Bolt's growth to Revolut, which boasts 80 million wallets. Despite some legal challenges resolved, Bolt continues strategizing a critical $450 million fundraise involving unique marketing credits.

Ryan Breslow, co-founder and returning CEO of Bolt, defended his decision regarding a $30 million personal loan from his company in a detailed address at the Fintech Meetup in Las Vegas. Breslow reasoned that the loan was a strategic choice to avoid selling his shares and maintain confidence among investors, declaring, "I took it out instead of selling any meaningful secondaries." This decision followed a lawsuit by investor Activant, who alleged that Breslow had left the startup in debt, but the matter concluded with Bolt repurchasing Activant’s shares for $37 million last year.

Bolt's future ambitions were also laid bare when Breslow revealed plans to launch a comprehensive 'super app' designed to revolutionize how users conduct transactions. He declared the app would go beyond Bolt's traditional one-click checkout, encompassing services across financial and cryptocurrency landscapes. Breslow stated, "Instead of one-click checkout, we’re going to have one-click everything: financial services, peer-to-peer, crypto, cards, financial products, all in one app." This comparison to Revolut, with its $45 billion valuation and 45 million users, positions Bolt ambitiously as they forecast an 80 million wallet user base.

The discourse also touched on past accusations against Breslow regarding misleading investors and violating securities laws, particularly concerning inflated metrics during fundraising. Breslow unequivocally acknowledged his faults: "I made a ton of mistakes," but refuted specific accusations, indicating his major lapses arose from letting unfamiliar individuals join Bolt's cap table. Despite these challenges, Breslow has emphasized transparency and openness about previous issues during his leadership hiatus.

Breslow hinted at a substantial $450 million fundraising round looming on the horizon, albeit shrouded in controversy due to its unique structuring involving $250 million in marketing credits. Despite initial resistance leading to suits from investors such as BlackRock and Hedosophia, these objections have been retracted. The company reported that "all the legal cases against him are fully settled, dismissed," although Breslow did not provide new insights into the status or completion of the funding arrangement.

The fintech scene remains abuzz with Bolt's prospective ventures and developments under revamped leadership, tailgating Revolut's business model while addressing internal and investor-driven critiques. Breslow remains optimistically defiant about the company’s trajectory: "You know, I obviously make mistakes but I’ve got a very big chip on my shoulder. I’m ready to take Bolt to really new heights."

Sources: LinkedIn, Forbes, TechCrunch, Business Insider, Newcomer.

fintechInvestmentGrowth