Ryan Breslow, the founder of Bolt, has returned as CEO of the fintech company, introducing an ambitious new app designed to compete directly with platforms like Coinbase, Zelle, and PayPal. Breslow officially relaunched his leadership at Bolt in March, and he now hopes this latest initiative—a “superapp” combining cryptocurrency trading and convenient everyday payments—will redefine the company’s trajectory and bring his original vision back into focus.
The young entrepreneur became known when he left Stanford to found Bolt in 2014. Almost a decade later, after stepping down amid controversy in early 2022 and navigating a series of legal battles and investor disputes, Breslow insists he has learned crucial lessons and is poised to revive Bolt’s growth and revenue.
The new app is meant to consolidate functions typically offered separately by different competitors. Users can seamlessly buy, sell, and transact major cryptocurrencies like Bitcoin, Ethereum, USDC, Solana, and Polygon. Backed by Zero Hash, each customer will have an “on-chain balance” visible in real time, streamlining crypto trading for everyday users. Breslow has positioned it as “Coinbase for the 99%”—an approachable solution for those intimidated by crypto complexity but still eager to participate.
Beyond crypto, Bolt’s app will allow peer-to-peer payments with a single click—rivaling platforms like Zelle, which recently discontinued its standalone app, leaving users restricted to bank-based transactions. Additionally, Bolt has teamed up with Midland States Bank to introduce a debit card offering incentives such as 3% cash-back on eligible purchases and up to 7% in store credit from Love.com, a health and wellness startup also led by Breslow. Users must link their existing bank accounts to fund debit card transactions, as Bolt itself is not a bank.
Another key feature in the new app is real-time order tracking, a service popularized by apps such as Klarna. These features, Breslow hopes, will help transform Bolt into a centralized hub for financial services.
Breslow emphasized that the development of this superapp took a rapid six months, with dedicated efforts from Bolt’s 140-person team under considerable pressure and dedication. The company has experienced growth, at least in its user base, with 80 million U.S. consumers signed on to its two-sided network, up from around 10 million when Breslow left the company.
However, Bolt still faces significant hurdles in terms of profitability. As of the first quarter of 2024, Bolt reportedly had annual recurring revenue (ARR) around $28 million and a gross profit margin of $7 million—figures Breslow admits are lackluster. He believes the new app can help monetize the user base, mainly through interchange fees generated from debit card payments and transactional fees from crypto activities.
Bolt recently settled several high-profile lawsuits, including investor conflicts related to a controversial loan previously taken by Breslow himself. An earlier attempt by Bolt to raise funds through a complex deal involving “marketing credits,” which prompted lawsuits from major investors like BlackRock and Hedosophia, was also amicably settled after litigation was voluntarily dismissed by all parties.
Now, Breslow is optimistic about future funding, noting the company is already holding preliminary discussions, expecting a new funding round soon. He believes the turbulence of the past few years has significantly matured his approach to leadership and company management.
Bolt’s new app is immediately available on the iOS store, with an Android version expected shortly. Early downloaders join a waitlist, with priority access initially provided to iOS users.
