Ryan Breslow Secures Up to $27 Million in Pay-to-Play Bridge Financing to Revitalize Bolt

Ryan Breslow, the provocative figure who resumed his role as CEO of Bolt last year following extensive legal disputes and disagreements with investors, remains dedicated to the checkout processing company he co-founded in 2014.

The startup, which achieved an $11 billion valuation in early 2022 before seeing a staggering decline of 97% to $300 million, is currently seeking to raise up to $27 million in a bridge financing round, according to Breslow. These bridge rounds are typically intended to support a company until it can secure a more substantial funding round.

This funding will be sourced from current investors and will be structured as a convertible note, meaning it will convert into equity at a discount after Bolt closes a future funding round. A ‘pay-to-play’ clause is also included, which dictates that investors who choose not to participate could surrender a significant portion of their equity.

While Breslow did not explicitly state it, this new round of financing might be critical for the company’s ongoing viability. “This financing enables us to take advantage of recent operational achievements, settle past obligations, and ensure a smooth transition as we move toward completing our Series E2 round,” noted a company press release. Breslow did not provide specifics about the “legacy obligations” he referenced.

Startups typically pursue bridge financing when one of two scenarios applies: either they are performing well and require additional time to reach their next goal, or they are running low on funds and need to restructure for profitability.

While Breslow did not reveal how much cash Bolt currently possesses, he did assert that the company is approaching profitability and is beginning to grow again after experiencing a decline in revenue.

It remains uncertain whether Bolt is indeed facing a financial shortfall; however, Breslow is determined to see the startup, which he founded at age 19 as a Stanford dropout, thrive. “I believe in Bolt more than anyone can imagine. I believe it is worth saving,” he stated.

To underline his commitment, Breslow is personally investing $5 million into this funding round.

Whether Bolt’s existing investors share Breslow’s enthusiasm and help the company achieve its fundraising goals is yet to be seen. He estimates that engagement from Bolt’s approximately 100 investors will reach at least $15 million, although not everyone is expected to contribute.

Shortly after his reinstatement as Bolt’s CEO in March 2025—which occurred three years after he stepped down—Breslow mentioned he was in “initial discussions” regarding a new fundraising effort.

It took over a year to position Bolt for a publicly announced fundraising effort.

This upcoming funding is notable as it follows Breslow’s previous attempt to raise $450 million at a $14 billion valuation two years ago. That effort fell apart after several current investors, including BlackRock and Hedosophia, attempted to block it, citing that one designated lead investor denied their involvement while another proposed $250 million worth of ‘marketing credits’ instead of cash. (The related lawsuit was eventually dismissed by all parties involved.)

Breslow claims that, unlike the abortive $450 million attempt, Bolt’s board and a “majority of preferred” shareholders have agreed to the new fundraising initiative. While he did not disclose how many of Bolt’s nearly 100 investors are likely to re-invest, at least one angel investor has confirmed their intent to participate, according to their wealth manager.

Breslow maintains that had he remained as CEO during 2022 to 2025, the company would be in a significantly stronger position today, arguing that it lost customers in his absence.

Confident in his ability to revive Bolt, he stated, “I believe we can be the Lyft to Stripe’s Uber.” Breslow is wagering on continued growth from the “super app” Bolt introduced last year, which merges financial services, peer-to-peer payments, cryptocurrency, and credit card options into a streamlined one-click checkout experience.

Despite reducing its workforce from 900 in 2021 to around 60 currently, Breslow asserts that advancements in AI have enabled the company to operate more efficiently. “We are delivering approximately ten times more output at a much faster pace due to AI,” he remarked.

Even though steering Bolt today presents significant challenges, Breslow is resolved not to give up, expressing his belief that the company possesses a competitive edge that would be difficult to replicate. Unlike other founders of fallen industry giants, he isn’t inclined to walk away and start anew despite having been offered that opportunity.

“Many friends have said, ‘Ryan, I can give you $10 million to start a new venture. You don’t need to endure the difficulties of turning around Bolt,’” Breslow shared.