Bolt, a cloud-based online checkout platform, has secured a $68 million Series B funding round led by Activant Capital and Tribe Capital, with financial support from retail executives at Allbirds, REVOLVE, Jet.com and Bombas, according to a blog post by CEO Ryan Breslow.
With this funding, Bolt has raised $90 million in total. The checkout software company will use the capital to:
- Grow its engineering team;
- Invest in additional enterprise functionality for larger retailers;
- Partner with more e-Commerce platforms, shopping carts and payments platforms; and
- Expand globally.
In the blog post, Breslow revealed that Bolt recently partnered with online retailers DITA Eyewear, HUF Worldwide and Polywood. Bolt has more than 100 retail customers.
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The platform is designed to combine checkout, payment and fraud detection capabilities under one hood, Breslow said. Since publicly launching in January 2018, Bolt has processed more than $1 billion in payments and has conducted more than 1.5 million transactions.
Already integrated with e-Commerce platforms such as Shopify, Magento and BigCommerce, Bolt will introduce PayPal as a payment option in 2019. PayPal’s similar structure offers user accounts that hold shipping, billing, and bank information, enabling a one- or two-click checkout flow.
