Ryan Breslow Returns: Bolt Launches New Superapp
Ryan Breslow, founder of the innovative one-click checkout platform Bolt, is making headlines with his return as CEO, a role he resumed in March 2024. In a recent interview with TechCrunch, Breslow introduced a new “superapp” that combines cryptocurrency exchanges with everyday payment features, an offering he hopes will solidify his leadership in the fintech space.
A Controversial Comeback
Breslow stepped down from Bolt in January 2022 amid controversies and a slew of investor lawsuits alleging misleading practices during fundraising efforts, including accusations of inflating company metrics. However, he is optimistic about the company’s future and aims to turn its performance around, especially after acknowledging the stagnant revenue over recent years.
Introducing the Superapp
The newly launched app is designed to allow users to seamlessly buy, sell, send, and receive cryptocurrencies like Bitcoin, Ethereum, USDC, Solana, and Polygon, all from a single platform. This integration positions Bolt as a direct competitor to established names such as Coinbase, Zelle, and PayPal. Breslow asserts the app’s unique appeal lies in its capability to merge various financial services into one user-friendly mobile interface.
Features of the Superapp
- Cryptocurrency Transactions: Users can manage their crypto activities within the app, viewing real-time balances powered by Zero Hash.
- Peer Payments: The app will simplify peer-to-peer payments, enabling transactions with just a click, addressing Zelle’s recent app shutdown.
- Debit Card Offerings: Through a partnership with Midland States Bank, Bolt will launch a debit card offering cash back and rewards at various retailers.
- Order Tracking: Real-time order tracking will enhance the user experience, similar to features provided by services like Klarna.
The app is currently available on iOS, with plans for a rollout on Android soon. Users will be placed on a waitlist upon download, prioritizing iOS members for initial access.
Building the App
Breslow and his team reportedly completed the development of the app within six months. The project was initiated by Bolt’s president, Justin Grooms, and chief product officer, Kartik Ramachandran, prior to Breslow’s return, though he provided guidance during that time.
Currently, Bolt boasts about 140 employees and is targeting growth in both user base and revenue. Despite recent challenges, Breslow asserts that user enrollment has substantially increased, from 10 million to an impressive 80 million shoppers in the United States.
Financial Strategies Moving Forward
Breslow aims to monetize this growing user base through interchange fees from debit card transactions and fees associated with cryptocurrency trading, with expectations that these strategies will lead Bolt back to strong financial health.
Addressing Legal Challenges
Recently, Bolt faced scrutiny regarding its fundraising efforts, attempting to raise $450 million amidst investor lawsuits questioning the structure of the deal. These issues have seen resolutions, including the dismissal of lawsuits by major investors like BlackRock and Hedosophia.
Additionally, Breslow dealt with personal legal challenges, settling a lawsuit stemming from a $30 million loan dispute with former investor Activant Capital, which he handled by repurchasing shares for $37 million last year.
Reflecting on his challenging journey, Breslow remarked on the valuable lessons he learned over the past three years, stating, “I’ve had a tremendous amount of decline… it’s been an incredibly challenging, but it’s been a remarkable learning experience.” He remains steadfast in his excitement about Bolt’s future prospects.
With the introduction of the superapp and ongoing efforts to strengthen Bolt’s market presence, Breslow appears focused on reclaiming the company’s stature within the competitive fintech landscape, aiming to better serve everyday consumers.
