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.
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.