Bolt Ryan Breslow Executive Director explains his troubled personal loan of $ 30 million, announces a new “Super Application”

The controversial co -founder of Bolt Ryan Breslow, who He returned as CEO earlier this monthHe talks on Monday about $ 30 million a personal loan, which he took from his company, which sparked legitimate battles and contributed to his (temporary) reunion.

Breslow has also announced that Bolt will release “everything” that will integrate Cassie with one click for everything-from cryptocurrency to financial services “Soon”.

The Law Battle for the loan began in 2023, when the investor of Bolt Activant filed a lawsuit against Breslow. Active hard, By occupying this amount and then default, with the funds of the company used to pay it.

The case was eventually settledBolt agreed to buy Activant’s shares for $ 37 million last year.

Speaking of Fintech Meetup In Las Vegas yesterday, Breslow defends the loan, creating it as an act of loyalty to a bolt, not as a self -untieving of the activation case, which is said to be.

He said he had made the loan instead of selling his shares in a secondary deal and that the loan was unanimously approved by the Bolt board.

“It was made for pro-bolt,” Breslow said. “I took it out instead of selling some meaningful secondary. I wanted to show all our investors that I keep all my chips, I believe so much in the shares that I do not sell my shares. “

Breslow said he thought he had enough time to pay off the loan and was waiting for a bolt to IPO to do so. He said that after leaving the role of the CEO, the board called the loan he regarded as a “little attack”.

Breslow, the candid founder of Bolt, withdrew as CEO in early 2022. In the years between then and his return this year, he also faced allegations that He misled investors and violate the security laws of Inflammation As he was raising funds for the last time, he managed the company.

On Monday, Breslow admitted that he had made a “tone of mistakes” – but he said they were not the ones they were accused of. He looks at his main mistake by allowing people to join the Bolt Cap table that he “doesn’t know very well” (without specifying who).

“Super App” in the work

Now that he is back as CEO, he says Bolt will soon launch a new “super application”, which will integrate e -commerce experience with a bolt click into a wide range of services.

“Instead of paying with one click, we will have one click with everything: financial services, partner, cryptocurrencies, cards, financial products, all in one application,” he said.

Breslow compares Bolt with UK Fintech Revolut which was estimated at $ 45 billion last yearClaiming that Bolt has 80 million portfolios compared to 45 million Revolut, although he acknowledged that Bolt had not yet “monetized our users.”

In fact, Bolt’s ARR is about $ 28 million with $ 7 million in gross profit from late March 2024, Tech Publication reported last yearS This is a bit compared to Revolut, who have declared $ 2.2 billion in revenue and $ 545 million in profits (before tax) in 2023 alone.

The big question left for the bolt is the condition of its next fundraising. In August, News became ill for the upcoming deal to raise $ 450 million. But raised questions about its unusual use of 250 million dollars in “Marketing Loans” and lack of confirmation from Investor wrongly identified as a presenter.

Some of the bolt investors, including Blackrock and Hedosophia, have brought a lawsuit to block the circle, Forbes reportedBut this is voluntarily rejected by all sides, bolt declared Today.

During his speech, Breslow noted that “all” legal cases against him were “fully settled, fired”, but did not provide an update to raise $ 450 million funds.

However, he commented that he was “humble” from his experience and found a newly discovered decision to manage a bolt after his faith and himself – and his launch – was disputed.

“You know, I obviously make mistakes, but I have a very big chip on my shoulder,” he said. “I’m ready to take a bolt to really new heights.”

Blackrock and Hedosophia did not respond to a request for comment.