Bolt fintech cuts one-third of staff as $11B startup struggles to pay bills

San Francisco-based payments startup Bolt has laid off approximately 33% of its remaining workforce as the once high-flying fintech faces severe financial distress, according to sources familiar with the matter. The company, which reached an $11 billion valuation in 2021, has reportedly missed payroll obligations and is struggling to meet basic operational expenses. The cuts represent the latest chapter in Bolt's dramatic reversal of fortune following CEO Ryan Breslow's controversial departure and a failed acquisition attempt by cryptocurrency company Wyre. Former employees describe a chaotic environment where vendor payments have been delayed for months and critical infrastructure faces degradation. The layoffs span engineering, sales, and operations divisions. Bolt's predicament exemplifies broader struggles facing fintech startups that raised massive funding during the 2020-2021 boom and now confront tightened capital markets and evaporating investor patience. The company has not issued public comment on the restructuring.