Bolt CEO Ryan Breslow explains his troubled $30M personal loan, announces new ‘super app’

Bolt’s controversial co-founder Ryan Braclo, who Returned as the CEO early this monthOn Monday, he spoke about the $ 30 million personal loan from his company, which started legal battle and contributed to his (temporary) ouster.

Breslo also announced that Bolt would launch an “all app” that would integrate one-click checkouts for “very soon” in financial services, starting from crypto.

The legal battle began in 2023 when the Bolt investor Activant Braclo was sued. Active Demand Breslo Start Saddled the Startup with 30 million Debt O By borrowing that amount and then default, the company’s funds were used to return it.

Was the case In the endBolt agreed to re -purchase Activant’s shares for $ 37 million last year.

Talking Fintech meatup Yesterday in Las Vegas, Braclo defended Loan and identified it as an act of loyalty to the bolt, but rather instead of litigation.

He said that he did the LOAN instead of selling his stock into secondary transactions and the Bol was unanimously approved by the Bolt Board.

“It was done to be a bolt,” said Braclo. “I took it out without selling any meaningful secondary. I wanted to show all our investors that I am keeping all my chips, I believe in the stock so much that I am not selling my shares. “

Breslo said he thought he had a lot of time to pay Loan, and was waiting for the Bolt to IPO. He said that he called the board loan after he left the CEO, which he saw as “some attack”.

Bolt’s outspoken founder, Bracelo in early 2022, in the post of CEO for the post of CEO for the post of post for the post of post for the post of post for the post of post for the post of post for the post of post for the post of post for the post of post for the post of post for the post of post for the post of post for the post of post for the post of post for the post of post. In the post of post for the post He has confused investors And breach of protection law Inflamed metric He runs the company while raising funds for the last time.

On Monday, Breslo admitted that he had “wrong” – but said that he was not charged against him. He saw his original mistake that people allowed to join Bolt’s cap table that he “doesn’t know very well” (who does not specify).

‘Super’ app on work

Now that he has returned as a CEO, he says that Bolt will soon launch a new “super app” that will integrate Bolt’s one-click checkout e-commerce experience throughout one of the broad service.

“Instead of one-click checkout, we are doing one-click: financial service, peer-to-peer, crypto, card, financial product, all an app,” he said.

Compares Breslo Bolt to the UK’s Fintek Revlut, which Last year was worth 45 billion dollarsThe claimed Bolt’s Revlut has 1 million “wallets” compared to 1 million, though he admits that Bolt “has not yet monitored our customers.”

In fact, Bolt’s ARR stood at around $ 20 million with a million dollars in the total profit by the end of March 2021, with a new arrival report Last yearThe It is smaller than the revlut Whichever $ 2.2 billion revenue and profit for only 2023 (before tax) $ 545 million.

The big question about Bolt is the status of his next fund. In August, the news spread about a pending 50 40 million funding contract. However it has raised questions about its unusual use $ 250 million in “Marketing Credit” And lack of confirmation from An investor incorrectly identified As of its lead.

Some investors in Bolt, including Blackork and Hedosophya, have sued for blocking round, Forbes ReportHowever it was voluntarily dismissed by all sides, Boltu Declaration Today

Breslo mentioned during his speech that legal cases were “completely settled, dismissed” against him but did not provide any updates on funding $ 450 million.

Although he commented, though he was “polite” by his experiences and his beliefs and his own – and his beginnings – have found a new scene to run the bolt after the challenge.

“You know, I clearly make a mistake but got a very big chip on my shoulder,” he said. “I’m really ready to take Bolt to new heights.”

Blackrock and Hedophia did not respond to any request for comments.