Ryan Breslow, the co-founder of Bolt who recently returned as CEO after a period of controversy, addressed the $30 million personal loan he took from his company, which led to legal disputes and his temporary departure. In a speech on Monday, Breslow discussed the loan and announced plans for Bolt to launch an “everything app” that will offer one-click access to various services, including crypto and financial products, in the near future.

The legal issues surrounding the loan began in 2023 when Bolt investor Activant filed a lawsuit against Breslow, alleging that he had burdened the startup with $30 million in debt by borrowing the amount and then defaulting, with company funds used to repay the loan. The case was eventually settled, with Bolt agreeing to repurchase Activant’s shares for $37 million last year.

At the Fintech Meetup in Las Vegas, Breslow defended the loan, characterizing it as a demonstration of loyalty to Bolt rather than an act of self-interest as alleged by Activant. He explained that he opted for the loan instead of selling his stock in a secondary transaction, and that the loan was unanimously approved by Bolt’s board.

Breslow stated, “It was done to be pro-Bolt. 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, I believe so much in the stock that I’m not selling my shares.” He believed he had sufficient time to repay the loan and was waiting for Bolt to go public to do so. However, after he stepped down as CEO, the board demanded repayment of the loan, which he perceived as “a bit of an attack.”

Breslow, the outspoken founder of Bolt, resigned as CEO in early 2022. During his absence, he faced allegations of misleading investors and violating security laws by inflating metrics while fundraising. On Monday, Breslow acknowledged making “a ton of mistakes” but maintained that they were not the ones he was accused of. He attributed his main mistake to allowing individuals he did not know well to join Bolt’s capitalization table.

‘Super’ app in development

Now that he has returned as CEO, Breslow announced that Bolt will soon launch a new “super app” that integrates one-click checkout and other services across a wide range of offerings.

“Instead of one-click checkout, we’re going to have one-click everything: financial services, peer-to-peer, crypto, cards, financial products, all in one app,” he explained. Breslow compared Bolt to the UK fintech company Revolut, which was valued at $45 billion last year, claiming that Bolt has 80 million “wallets” compared to Revolut’s 45 million, although he admitted that Bolt has not yet monetized its consumer base.

According to a report by Newcomer, Bolt’s annual recurring revenue (ARR) stood at approximately $28 million with $7 million in gross profit as of the end of March 2024. In contrast, Revolut announced $2.2 billion in revenue and $545 million in profits (before tax) for 2023 alone.

The status of Bolt’s next fundraising round remains uncertain. In August, news emerged about a pending $450 million fundraising deal, but it raised questions over the unusual use of $250 million in “marketing credits” and the lack of confirmation from an investor mistakenly identified as the lead. Some of Bolt’s investors, including Blackrock and Hedosophia, sued to block the round, but the lawsuit has been voluntarily dismissed by all parties, as announced by Bolt today.

Breslow noted during his speech that all legal cases against him are “fully settled, dismissed,” but he did not provide an update on the $450 million fundraising round. He did comment that he has been “humbled” by his experience and has found a newfound determination to lead Bolt after his faith in himself and his startup was challenged.

“You know, I obviously make mistakes, but I’ve got a very big chip on my shoulder,” he said. “I’m ready to take Bolt to really new heights.” Blackrock and Hedosophia did not respond to a request for comment.