FinTech: There’s That Term Again – “Impacted” (Read: Fired); This Time It’s Checkout Startup Bolt

May 26, 2022 | FinTech, News

Bolt CEO Maju Kuruvilla said the company would reduce its workforce and part ways with some incredibly talented people.

Bolt Financial, the one-click checkout fintech, has kicked off employee layoffs, citing macro challenges and changing market conditions in the industry and tech sector.

“In an effort to ensure Bolt owns its own destiny, the leadership team and I have made the decision to secure our financial position, extend our runway, and reach profitability with the money we have already raised,” said CEO Maju Kuruvilla in a blog post addressed to employees.

Incidentally, the fintech raised a $355 million Series E round in January that valued it at a solid $11 billion.

Citing the blog as “one of the hardest messages I’ve ever had to send,” Kuruvilla said “impacted” employees in the US and Canada would receive a calendar invite for an individual or small sub-team “Bolt Restructuring” meeting.

Though Kuruvilla did not reveal a number, Bloomberg said about 250 positions were eliminated, citing a person familiar with the company.

Kuruvilla may have had Fast, an rival company, at the back of his mind: Fast downed shutters last month leaving 450 people jobless. However, there are other storm clouds: An important customer has sued the company, claiming its technology did not work.

Across the pond, BNPL biggie Klarna, and rapid delivery startup Gorillas also announced job cuts this week.

Related Story: Klarna, Last Valued At $46B, Cuts Workforce By 10%

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