Since going public in early 2018, Bolt has raised $90 million in an effort to provide a one-stop checkout experience by way of new software. Independent retailers using this software, Bolt said, will be in a better position to compete with the likes of Amazon and other major online retailers.
Buyer experience is among the most important processes in online shopping, according to Bolt CEO and Co-Founder Ryan Breslow. Noting Amazon’s investment in perfecting the consumer buying experience, Breslow said if Bolt can offer a faster checkout option to small businesses, those smaller companies may stand a fighting chance against the eCommerce giant.
Breslow said Bolt software promises to cut average checkout times by nearly half, and also includes fraud detection and payments services. He added that mouse movement detection will play an integral role in identifying fraudulent accounts and customers, and helps assure consumers are whom they say they are.
Since its launch, Bolt has conducted more than 1.5 million transactions, collected approximately $1 billion in payment processing and is utilized by over 100 customers, including small, boutique clothing stores and furniture makers. While Amazon is stiff competition for Bolt’s customers, other platforms like Shopify offer a similar service to Bolt and also target small online businesses, the report noted.
In a blog post, Bolt said the Series B funding round was co-led by Activant Capital and Tribe Capital, and brings the firm’s total amount raised to $90 million. Bolt said it will use the additional capital to scale its engineering team, invest in more enterprise functionality for larger retailers, partner with best-in-breed eCommerce tools and platforms, build advanced features and more.
According to Breslow, Bolt targets a unique niche that makes it a more attractive platform for customers looking to move money safely. Bolt plans to add PayPal as a payment option in 2019 due to its similar structure and minimal clicking checkout process.
Bolt has yet to release a statement regarding the use of cryptocurrency like bitcoin on the platform.