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Online checkout firm Bolt valued at $11 billion after funding round - source

Online checkout firm Bolt valued at $11 billion after funding round - source
By Reuters
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(This Jan. 14 story corrects headline and paragraph 1 to remove reference to BlackRock leading the funding round following clarification from Bolt)

- Online checkout platform Bolt raised $355 million in a late-stage funding round involving fund manager BlackRock Inc at a valuation of $11 billion, according to people familiar with the matter.

Other investors who participated in the series E funding round include Schonfeld, Invus Opportunities, H.I.G. Growth and CE Innovation Capital, along with existing investors Activant Capital and Moore Strategic Ventures.

San Francisco-based Bolt said on Friday it intends to use the capital for product development, hire employees and expand into new international markets.

The company, founded in 2014, offers a checkout service to retailers and shoppers to ensure payments on its products are secure and hassle free.

Bolt also offers fraud protection and merchant analytics solutions on its checkout platform that is used by customers including apparel retailers Forever 21, Juicy Couture and Lucky Brand.

The new funding brings the total capital raised by the company to about $1 billion.

Last year, Bolt raised $393 million in fresh capital from investors including General Atlantic, Untitled Investments, Willoughby Capital and Soma Capital.

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