Bolt’s controversial co-founder Ryan Breslow has made a dramatic return as CEO, addressing past legal disputes while outlining an ambitious new vision for the company. Speaking at Fintech Meetup in Las Vegas, Breslow defended a $30 million personal loan he took from Bolt, which led to lawsuits and contributed to his temporary departure.
The legal dispute began in 2023 when Bolt investor Activant sued Breslow, alleging that he saddled the company with $30 million in debt by defaulting on a loan, which was then covered by company funds. The case was settled in 2024, with Bolt agreeing to repurchase Activant’s shares for $37 million.
During his speech, Breslow framed the loan as an act of commitment to Bolt rather than self-serving behavior. He explained that instead of selling his stock in a secondaries transaction, he opted for the loan to signal confidence in the company. “I took it out instead of selling any meaningful secondaries. I wanted to show all of our investors that I’m keeping all my chips in,” he stated.
He also expressed frustration over the board’s decision to call in the loan after his departure, viewing it as an attack. Despite past controversies, Breslow insisted he remains deeply committed to Bolt’s long-term success.
A ‘Super App’ Vision for Bolt
With his return, Breslow is pushing Bolt toward a “super app” model, expanding beyond its signature one-click checkout for e-commerce.
“Instead of one-click checkout, we’re going to have one-click everything: financial services, peer-to-peer payments, crypto, cards, financial products—all in one app,” Breslow announced.
He compared Bolt to U.K.-based fintech Revolut, which was valued at $45 billion, claiming Bolt has 80 million wallets compared to Revolut’s 45 million. However, he admitted Bolt has yet to monetize its consumer base, contrasting with Revolut’s $2.2 billion revenue and $545 million pre-tax profit in 2023.
In August, reports surfaced about Bolt pursuing a $450 million fundraise, though concerns arose regarding its reliance on $250 million in marketing credits and the misidentification of a lead investor.
Some investors, including BlackRock and Hedosophia, initially sued to block the round. However, Bolt announced that the lawsuits have now been voluntarily dismissed by all parties. Breslow emphasized that all legal cases against him have been resolved but did not provide an update on the fundraising process.
Breslow’s Comeback Mindset
Reflecting on his journey, Breslow acknowledged past mistakes but stated that he is more motivated than ever to lead Bolt’s next phase. “I obviously make mistakes, but I’ve got a very big chip on my shoulder. I’m ready to take Bolt to really new heights,” he declared.
As Bolt navigates legal challenges, strategic pivots, and ambitious expansion, Breslow’s leadership will be tested in the months ahead. His vision for an “everything app” could redefine Bolt’s future, but the startup still faces critical hurdles in execution and financial growth.
