San Francisco-based PayTech Bolt has secured $69m in its Series B funding round co-led by US-based venture firms Activant Capital and Tribe Capital.
This latest round brings the company’s total funding raised to $90m since its launch in January 2018. Other investors participating in the round included executives from retailers such as Allbirds, Athleta and REVOLVE.
Bolt provides end-to-end checkout, payments and fraud solutions to “perfect the checkout experience for online retailers and make sure nothing gets in the way when shoppers decide to buy,” the company said in a statement.
The company has an annualized payment processing volume of more than $1bn and conducted over 1.5 million transactions through the platform.
Bolt has said it will use the funding, to bolster is engineering team, invest in additional enterprise functionality, build new advanced features and expand its global functionality. The startup has also planned to partner with other ecommerce tools, shopping carts, and payments platforms.
Activant Capital founder and partner Steven R Sarracino said, “Bolt is the first company to give online retailers a single product for managing the most important part of their business: checkout.
“They’ve assembled the most elite product and engineering team I’ve ever seen to tackle some of the biggest problems in online retail, and have a breakthrough approach to fraud detection and checkout speed.
“The moment I was introduced to Bolt, I knew immediately that the company would be the missing piece of the e-commerce ecosystem that we’ve been waiting for.”
Activant is looking to raise up to $250m for its third flagship fund and has already registered more than $115m of commitment with the SEC.
Tribe also registered its intention to raise $150m for its first flagship venture fund in April this year.
