Latest news with #RyanBreslow
Yahoo
6 days ago
- Business
- Yahoo
The DOJ's Apple Ruling Could Spark the Super App Revolution and Redefine Retail
In March 2024, the Department of Justice filed a case against Apple — accusing the tech giant of monopoly practices. This May, a federal judge ruled that Apple was in contempt of an injunction related to App Store restrictions — Apple is currently appealing the ruling. In short, Apple's App Store is being ordered to loosen its strict regulations. The judge ruled that Apple must allow App Store developers to direct users to other alternative payment methods and now prohibits Apple from collecting commissions on these external transactions. More from WWD Suite Talk: Samsung's Allison Stransky Envisions a Bright Future With AI Radar's Spencer Hewett on How to Build Resilient, Intelligent Store Networks EXCLUSIVE: Wellness Tech Company HigherDose Launches Three-in-one Sculpting Body Recovery Device Should the ruling be upheld, developers will finally be free to innovate and integrate seamless payments, loyalty payments and crypto wallets without having to navigate the platform's strict rules and pay steep 30 percent fees to Apple. Moreover, this ruling could see the boom of super apps — multifunctional platforms that are already popular in places like Asia — in the U.S. Here, Ryan Breslow, chief executive officer of Bolt, sat down with WWD to discuss why super apps are poised to thrive for the first time in the U.S. market, the potential opportunities for retailers and brands, the future of connected retail and financial integration and more. WWD: With the recent DOJ Apple ruling, how can super apps now succeed in the U.S.? What opportunities are there for retailers and brands? Ryan Breslow: The DOJ's ruling against Apple is a game-changer. For the first time, developers have the freedom to innovate without Apple's 30 percent tax or restrictive platform rules. This means super apps can finally bring seamless payments, loyalty and crypto wallets directly into iOS apps. For retailers, this is about reclaiming control: recovering lost margins, building deeper customer relationships and unlocking new ways to engage shoppers without ceding control to Apple or other gatekeepers. It's a chance to redefine what seamless, personalized retail can be across mobile, web and in-store. I know Bolt is going to lead the way. WWD: In your opinion, why have super apps failed in the U.S. in the past — but thrived in other markets, particularly Asia? R.B.: Super apps have struggled in the U.S. because of three major roadblocks. Apple and Google tightly restricted 'apps within apps,' while platforms like WeChat and Alipay in China had government support to become multiservice giants. Unlike Asia, the U.S. already had mature payment systems like credit cards and PayPal, where consumers leapfrogged to mobile payments with QR codes and real-time bank transfers. Building a super app in the U.S. means navigating a fragmented regulatory landscape — 50 state money transmitter licenses and multiple federal agencies — while a single license in China or Indonesia can cover hundreds of millions of users. But this is changing. The DOJ ruling, combined with innovations like FedNow — the Federal Reserve's new real-time payment system — will soon make instant 24/7 bank transfers a reality in the U.S. This is a critical piece of infrastructure that could finally give super apps the foundation they need to thrive here: faster payments, lower fees and a more seamless user experience. WWD: Consumers now expect seamless shopping experiences in-store and online. How do super apps facilitate an integrated omnichannel strategy for retailers and brands? R.B.: Super apps create seamless shopping by unifying identity, payments and loyalty across channels. Imagine a shopper using a single Bolt ID to log in online, pay in-store and redeem rewards in real-time. The app can even shift into 'store mode' as a customer walks in, surfacing personalized offers or connecting them directly to a sales associate. It's about building continuous, personalized relationships at every touchpoint — the holy grail of omnichannel retail. WWD: How do super apps leverage data analytics to provide personalized experiences without compromising privacy and data security? R.B.: Personalization and privacy aren't mutually exclusive — you can have both. Super apps can keep sensitive data on-device using cutting-edge encryption, tokenization and techniques like federated learning to deliver personalized experiences without exposing raw user data. At Bolt, we prioritize zero-party data, where users choose to share their preferences directly rather than being tracked without consent. This isn't just a better way to do business; it's the future of digital trust. Tools like verifiable credentials let users prove facts, like being over 21, without revealing personal details, ensuring personalization and privacy. We believe the next wave of digital experiences will be built on this kind of transparent, user-first data philosophy. WWD: How can Bolt's integrating features like one-click payments, crypto wallets and peer-to-peer transactions enhance the shopping experience and loyalty programs for large retailers? R.B.: Bolt is moving from 'one-click checkout' to 'one-click everything' — transforming how people shop, pay and connect. Our 80 million users already drive higher conversions, but adding crypto wallets, NFT-based loyalty rewards and peer-to-peer payments takes this to the next level. Imagine turning loyalty into an asset: customers earn tokens they can trade, redeem or sell. Peer-to-peer payments mean shoppers can split bills, share expenses or even resell items without leaving the app. This keeps engagement high and transactions inside your ecosystem, with a unified ledger giving brands real-time visibility, whether customers pay with cards, crypto or points. This is the future of connected commerce. WWD: What challenges do you foresee with this financial integration into retail apps and how is Bolt preparing to address compliance across different markets? R.B.: Regulatory compliance is a critical piece of the puzzle for super apps, but we've built Bolt to tackle these challenges head-on. We hold money transmitter licenses in 45 U.S. states and e-money licenses in Europe, giving us a strong foundation for global growth. We've also developed a unified Know Your Customer and Anti-Money Laundering system, which means users only need to verify their identity once across all merchants on our platform. KYC is the process of verifying a customer's identity to prevent fraud and ensure security, while AML is a set of safeguards that prevent criminals from using financial systems to disguise the origins of illegally obtained money. To further enhance security, we monitor crypto transactions in real time and work with insured banks to safeguard digital assets like stablecoins, which are digital currencies designed to maintain a stable value. Our platform is also designed to be modular, allowing brands to toggle features based on local regulations, whether GDPR in Europe or state-specific privacy laws in the U.S. We've made these early investments so brands can confidently integrate financial tools without worrying about constantly shifting regulatory landscapes. It's about building trust at scale. Best of WWD The Definitive Timeline for Sean 'Diddy' Combs' Sean John Fashion Brand: Lawsuits, Runway Shows and Who Owns It Now What the Highest-paid CEOs at U.S. Fashion and Retail Companies Make Confidence Holds Up, But How Much Can Consumers Take? Sign in to access your portfolio
Yahoo
25-04-2025
- Business
- Yahoo
Startups Weekly: Mixed messages from venture capital
Welcome to Startups Weekly — your weekly recap of everything you can't miss from the world of startups. Want it in your inbox every Friday? Sign up here. This week brought us mixed messages. A fresh IPO filing, but a bleak outlook for exits overall. New funding rounds, but founders frustrated over lack of capital. And in the midst of it all, some VCs are still finding ways to create liquidity and raising funding for more bullish times. In a week of contrasts, startups exhibited both confidence and insecurity, and even second-time founders weren't spared from struggles. Fearless or not: Design software company Figma filed its confidential paperwork for an IPO, ignoring the fears that made both Klarna and StubHub pause their IPO plans this month following the stock market crash triggered by tariff announcements. Figma, however, isn't worry-free: It sent a cease-and-desist letter to fast-rising "vibe coding" rival Lovable over the term "Dev Mode." Frustrated: U.K. founders expressed frustration at the widening gap between funding raised by British startups and their Silicon Valley peers. According to Dealroom, British startups raised just £16.2 billion (approximately $21.5 billion) last year compared to the approximate $73.8 billion (£65 billion) raised in the U.S. Smashed: Smashing, an AI-powered reading curation app launched last June by Goodreads' founder Otis Chandler, shut down due to disappointing growth. Suspended: BluSmart, an Indian Uber rival using EVs, apparently suspended service a day after the Securities and Exchange Board of India launched an investigation into Gensol Engineering, which shares its co-founders. Back: One month after reassuming his role as Bolt's CEO, Ryan Breslow unveiled a new 'super app' that reflects his vision for the fintech company he founded in 2014. Investigating: Rippling's efforts to serve Deel CEO Alex Bouaziz have been significantly hindered by the fact that he and his lawyer are now in the UAE, TechCrunch learned. But the company isn't giving up and is also pushing for Revolut to reveal who paid off Deel's alleged spy. Tailwinds: OpenAI is reportedly seeking to buy Windsurf for $3 billion. The startup was previously known as Codeium, whose popular AI coding assistant competes with Cursor and the like. This week brought us funding news that's hinting at better days ahead, with increased valuations and bigger funds that may no longer be the exception. Growing: Marshmallow, a British insurance startup, raised $90 million in equity and debt at a valuation slightly above $2 billion. Focusing on customers left out by traditional insurers, it boasts a million drivers insured and a profitable annual revenue run rate of $500 million. Hammered win: Hammerspace, a company that helps clients like Meta use their unstructured data, raised $100 million in funding to expand its business. The valuation is above $500 million, according to sources. New chapter: Chapter, a Medicare advisory startup co-founded by former U.S. Republican presidential candidate Vivek Ramaswamy, raised a $75 million funding round at a $1.5 billion valuation. Phantom limbs: Austin, Texas-based Phantom Neuro raised $19 million to fund the next stage of development of its product, a subdermal wristband-like device that lets amputees control prosthetic limbs. Resilient: Conifer, a startup whose electric hub motors don't require rare earth elements, secured a $20 million seed round from deep tech investors. Sunny days: Arnergy, a clean tech startup backed by Bill Gates' Breakthrough Energy Ventures, locked down a $15 million Series B extension to expand solar access in Nigeria. Bullish: Peter Thiel's Founders Fund completed the raise of its third growth fund. Closing at $4.6 billion, it is a big step up from its previous $3.4 billion growth fund — which could be another sign that the market has gone from bearish to bullish again. VCs need liquidity, and they often know how to find it even when there are no IPOs in sight. In the latest episode of StrictlyVC Download, Industry Ventures CEO Hans Swildens broke down the way in which firms are navigating this issue. Sign in to access your portfolio
Yahoo
16-04-2025
- Business
- Yahoo
Bolt's Ryan Breslow pins his hopes on a new app that takes on Coinbase, Zelle, and PayPal
Ryan Breslow is officially back. While the founder of one-click checkout company Bolt re-assumed its helm as CEO in March, Breslow is unveiling Wednesday a new 'superapp' that he hopes will formally mark his return as the fintech's leader. He describes the new product as 'one-click crypto and everyday payments' in a single platform, in an exclusive interview with TechCrunch. The controversial entrepreneur famously stepped down in January 2022 from the San Francisco-based company he started in 2014 after dropping out of Stanford. In recent years, Breslow has been the target of more than one investor lawsuit and faced allegations that he misled investors and violated security laws by inflating metrics while fundraising the last time he ran the company. Breslow acknowledges that Bolt's revenue has not been robust in recent years. But he hopes to change that with this new consumer app, which he ambitiously hopes will serve as 'a centralized and personalized hub for financial services.' The app at once competes with a number of other companies such as crypto exchange Coinbase, payments platform Zelle, and PayPal. Its advantage, Breslow claims, is the ability to do what all these others do from one place via mobile. For example, the app will allow users to buy, sell, send, and receive major cryptocurrencies such as Bitcoin, Ethereum, USDC, Solana, and Polygon directly within the app. Users are provisioned an on-chain balance powered by Zero Hash and will be able to see their balance in real time, Breslow says. 'I founded Bolt 11 years ago to build the easiest app to buy, sell, and send crypto. I believe this still hasn't been done well in the marketplace. Today marks a significant day: the return of that original vision," said Breslow. "We call it 'Coinbase for the 99%' who may not be the most technical, but still want to participate in the buying and selling of crypto.' (Bolt in 2022 paid $1.5 billion for cryptocurrency payments company Wyre. It started out as an 'easy way to buy, sell, and send crypto' before pivoting to build one-click checkout first.) Breslow is also hoping to pick up where Zelle left off with the shutdown of its standalone app. With Bolt's new offering, users can process peer payments 'with just a single click' within its app. With Zelle, users can only send payments to peers through banking apps. On top of that, Bolt has partnered with Midland States Bank to now also offer a debit card that features a rewards program, including up to 3% direct cash back on eligible purchases and up to 7% in store credits. ( is another startup founded by Breslow in 2023 that is focused on health and wellness. He remains its CEO.) As Bolt doesn't offer banking services, users will have to transfer money from another bank account into this one to fund purchases with the debit card. And lastly, the new app also provides real-time order tracking for users -- something other companies such as Klarna offer in their app, as well. The app is available today in iOS and will soon be available in the Google Play store. Once downloaded, users will be added to a waitlist with iOS users being the first to get off the waitlist. The new 'superapp' was built within just six months, Breslow claims. Justin Grooms (Bolt's president and former interim CEO) and Kartik Ramachandran (Bolt's chief product officer) began work on the app before Breslow was reinstated. Breslow helped advise them during the months prior to his reinstatement. 'Our team has been working nights and weekends to get this ready in time,' Breslow said. Presently, Bolt has about 140 employees. Despite lackluster revenue growth, Breslow claims that Bolt has managed to still grow in terms of users -- with a two-sided network of tens of millions of U.S. shoppers and 'hundreds' of merchants such as Revolve and Kendra Scott. Bolt's ARR stood at about $28 million with $7 million in gross profit as of the end of March 2024, tech publication Newcomer reported last year. 'Prior to my return, our revenue did not grow much and we haven't closed as much business as we'd like. We don't think the company was run as well as it could have been. And that's something I'm going to change very quickly,' Breslow told TechCrunch. 'However, our platform kept on enrolling shoppers and attracting network growth. When I left, it was at 10 million. Now our total shopper network is 80 million in the U.S. and even larger globally.' He's hoping to turn that network into revenue for Bolt by earning money from interchange fees for every debit card transaction and charging fees for the purchase and sale of crypto. 'We already have a large trove of data users have provided that has been verified and charged successfully,' he said. The fintech company last year was reportedly trying to raise $450 million in an unusually structured deal that would have valued it at $14 billion. That deal raised questions over its unusual use of $250 million in 'marketing credits' and lack of confirmation from an investor mistakenly identified as its lead. Some of Bolt's investors, including BlackRock and Hedosophia, sued to block the round, Forbes reported, but that was voluntarily dismissed by all parties, Bolt announced in March. Today, Bolt is in 'early conversations' on a new round that Breslow projects could close 'in the mid to near future.' Breslow was also previously sued by former investor Activant Capital over a $30 million loan that the founder had taken out. Activant claimed Breslow saddled the startup with $30 million in debt by borrowing that amount and then defaulting, with company funds used to pay it back. The case was eventually settled, with Bolt agreeing to repurchase Activant's shares for $37 million last year. Speaking at Fintech Meetup in Las Vegas in March, Breslow defended the loan, framing it as an act of loyalty to Bolt rather than the self-dealing the Activant lawsuit alleged it was. 'I've had a tremendous amount of decline over the last three years and have been winning back the trust of judges, investigators, and our team, so it's been incredibly challenging, but it's been a remarkable learning experience,' he told TechCrunch. 'I've learned more in these last three years than in the 10 years prior to that.' He added: 'And even though it's been challenging, I couldn't be more excited about the opportunity in front of us. I feel so grateful that our company has weathered the storm.' Bolt, which provides software to retailers to speed up checkout, raised around $1 billion in total venture-backed funding and at one time was valued at $11 billion. Investors include funds and accounts managed by BlackRock, Schonfeld, Invus Opportunities, CreditEase, H.I.G. Growth, and Moore Strategic Ventures, among others. This article originally appeared on TechCrunch at Sign in to access your portfolio
Yahoo
16-04-2025
- Business
- Yahoo
Bolt's Ryan Breslow pins his hopes on a new app that takes on Coinbase, Zelle, and PayPal
Ryan Breslow is officially back. While the founder of one-click checkout company Bolt re-assumed its helm as CEO in March, Breslow is unveiling Wednesday a new 'superapp' that he hopes will formally mark his return as the fintech's leader. He describes the new product as 'one-click crypto and everyday payments' in a single platform, in an exclusive interview with TechCrunch. The controversial entrepreneur famously stepped down in January 2022 from the San Francisco-based company he started in 2014 after dropping out of Stanford. In recent years, Breslow has been the target of more than one investor lawsuit and faced allegations that he misled investors and violated security laws by inflating metrics while fundraising the last time he ran the company. Breslow acknowledges that Bolt's revenue has not been robust in recent years. But he hopes to change that with this new consumer app, which he ambitiously hopes will serve as 'a centralized and personalized hub for financial services.' The app at once competes with a number of other companies such as crypto exchange Coinbase, payments platform Zelle, and PayPal. Its advantage, Breslow claims, is the ability to do what all these others do from one place via mobile. For example, the app will allow users to buy, sell, send, and receive major cryptocurrencies such as Bitcoin, Ethereum, USDC, Solana, and Polygon directly within the app. Users are provisioned an on-chain balance powered by Zero Hash and will be able to see their balance in real time, Breslow says. 'I founded Bolt 11 years ago to build the easiest app to buy, sell, and send crypto. I believe this still hasn't been done well in the marketplace. Today marks a significant day: the return of that original vision," said Breslow. "We call it 'Coinbase for the 99%' who may not be the most technical, but still want to participate in the buying and selling of crypto.' (Bolt in 2022 paid $1.5 billion for cryptocurrency payments company Wyre. It started out as an 'easy way to buy, sell, and send crypto' before pivoting to build one-click checkout first.) Breslow is also hoping to pick up where Zelle left off with the shutdown of its standalone app. With Bolt's new offering, users can process peer payments 'with just a single click' within its app. With Zelle, users can only send payments to peers through banking apps. On top of that, Bolt has partnered with Midland States Bank to now also offer a debit card that features a rewards program, including up to 3% direct cash back on eligible purchases and up to 7% in store credits. ( is another startup founded by Breslow in 2023 that is focused on health and wellness. He remains its CEO.) As Bolt doesn't offer banking services, users will have to transfer money from another bank account into this one to fund purchases with the debit card. And lastly, the new app also provides real-time order tracking for users -- something other companies such as Klarna offer in their app, as well. The app is available today in iOS and will soon be available in the Google Play store. Once downloaded, users will be added to a waitlist with iOS users being the first to get off the waitlist. The new 'superapp' was built within just six months, Breslow claims. Justin Grooms (Bolt's president and former interim CEO) and Kartik Ramachandran (Bolt's chief product officer) began work on the app before Breslow was reinstated. Breslow helped advise them during the months prior to his reinstatement. 'Our team has been working nights and weekends to get this ready in time,' Breslow said. Presently, Bolt has about 140 employees. Despite lackluster revenue growth, Breslow claims that Bolt has managed to still grow in terms of users -- with a two-sided network of tens of millions of U.S. shoppers and 'hundreds' of merchants such as Revolve and Kendra Scott. Bolt's ARR stood at about $28 million with $7 million in gross profit as of the end of March 2024, tech publication Newcomer reported last year. 'Prior to my return, our revenue did not grow much and we haven't closed as much business as we'd like. We don't think the company was run as well as it could have been. And that's something I'm going to change very quickly,' Breslow told TechCrunch. 'However, our platform kept on enrolling shoppers and attracting network growth. When I left, it was at 10 million. Now our total shopper network is 80 million in the U.S. and even larger globally.' He's hoping to turn that network into revenue for Bolt by earning money from interchange fees for every debit card transaction and charging fees for the purchase and sale of crypto. 'We already have a large trove of data users have provided that has been verified and charged successfully,' he said. The fintech company last year was reportedly trying to raise $450 million in an unusually structured deal that would have valued it at $14 billion. That deal raised questions over its unusual use of $250 million in 'marketing credits' and lack of confirmation from an investor mistakenly identified as its lead. Some of Bolt's investors, including BlackRock and Hedosophia, sued to block the round, Forbes reported, but that was voluntarily dismissed by all parties, Bolt announced in March. Today, Bolt is in 'early conversations' on a new round that Breslow projects could close 'in the mid to near future.' Breslow was also previously sued by former investor Activant Capital over a $30 million loan that the founder had taken out. Activant claimed Breslow saddled the startup with $30 million in debt by borrowing that amount and then defaulting, with company funds used to pay it back. The case was eventually settled, with Bolt agreeing to repurchase Activant's shares for $37 million last year. Speaking at Fintech Meetup in Las Vegas in March, Breslow defended the loan, framing it as an act of loyalty to Bolt rather than the self-dealing the Activant lawsuit alleged it was. 'I've had a tremendous amount of decline over the last three years and have been winning back the trust of judges, investigators, and our team, so it's been incredibly challenging, but it's been a remarkable learning experience,' he told TechCrunch. 'I've learned more in these last three years than in the 10 years prior to that.' He added: 'And even though it's been challenging, I couldn't be more excited about the opportunity in front of us. I feel so grateful that our company has weathered the storm.' Bolt, which provides software to retailers to speed up checkout, raised around $1 billion in total venture-backed funding and at one time was valued at $11 billion. Investors include funds and accounts managed by BlackRock, Schonfeld, Invus Opportunities, CreditEase, H.I.G. Growth, and Moore Strategic Ventures, among others. Sign in to access your portfolio
Yahoo
29-03-2025
- Business
- Yahoo
Executive Shuffle: Bolt, MoneyGram and DailyPay
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Lots of CEO moves at payments companies have grabbed headlines this year, but there were other high-ranking hires below that level that were perhaps more telling about the industry's continued shift toward digitization and a focus on small business clients. One of the most striking CEO appointments was the return this month of Ryan Breslow, who retook his former post at digital checkout company Bolt, after clearing up some litigation matters that had plagued his leadership in 2022 before he stepped down. Breslow's return shifted Justin Grooms, who had held the CEO job on an interim basis, into a president role. From his leadership perch, Grooms talked recently about how fintechs will keep taking on legacy payments players. 'The vibe that seems to be emerging right now is the willingness to challenge norms and status quo in how people access financial tools in their life,' he said in an interview this month. International remittance company Moneygram tapped Luke Tuttle as its new chief technology officer in February, following the appointment of Anthony Soohoo as CEO last October. Tuttle sharpened his payments chops in top roles at buy now, pay later Klarna, overseeing engineering, marketing and ad software at one point, and serving as a vice president for international products in an earlier role, according to his LinkedIn profile. Tampa, Florida-based embedded finance company Bill360 this week announced that it had hired Ken Salazar as its new chief revenue officer, calling on him to bolster the business-to-business company's growth, with a focus on the small and mid-sized business segment. From April 2021 to May 2024, he held the same title at Fort Collins, Colorado-based biller network BillGO, according to Salazar's LinkedIn profile. Also acquiring new C-suite digital talent was DailyPay. The earned wage access payments provider hired Deepa Subramanian from ride-share company Uber last month to serve as its new chief financial officer, and shifted its former CFO, Ken Brause, to a chief administrative officer role. They'll report to Stacy Greiner, another new CEO in the industry as of last November. Digital bank and card services company Green Dot installed a new CEO this month by tapping William Jacobs on an interim basis after Green Dot's former CEO, George Gresham, headed for the exit. Before his departure, Gresham named Kim Olson as the Provo, Utah company's new chief risk officer. She joined from Discover Financial Services, where she was head of its office of remediation, overseeing remediation for significant regulatory matters, a release on her appointment said. Recommended Reading Green Dot considers sale as CEO exits Sign in to access your portfolio
