Bolt, a fintech startup that builds software to simplify the checkout process for merchants, has announced they are planning to eliminate 250 employees – almost one-third of their workforce. The company was once considered one of the most highly valued startups, valued at at $11 billion; however, the company was recently sued by Authentic Brands Group over a failed connection with retail store Forever 21 where they lost $150 million in online sales. Impacted staff is now on the fintech market looking to be hired. Bolt’s retrenching serves as yet another data point for devaluation in fintech assets.
Road Gets Messy For Bolt As Fintech Startup Implements Layoffs, Restructuring