Online payment firm Bolt valued at $ 11 billion after funding source led by BlackRock

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Online payments platform Bolt raised $ 355 million in a late-stage funding round led by fund manager BlackRock Inc for a valuation of $ 11 billion, according to people familiar with the matter.

Other investors who participated in the Series E funding round include Schonfeld, Invus Opportunities, HIG Growth and CE Innovation Capital, as well as existing investors Activant Capital and Moore Strategic Ventures.

San Francisco-based Bolt said on Friday he intended to use the capital for product development, hire employees and expand into new international markets.

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The company, founded in 2014, offers a payment service to retailers and buyers to ensure that payments on its products are secure and hassle-free.

Bolt also offers fraud protection and merchant analytics solutions on its payment platform which is used by customers, including clothing retailers Forever 21, Juicy Couture, and Lucky Brand.

The new funding brings the total capital raised by the company to around $ 1 billion.

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Last year, Bolt raised $ 393 million in fresh capital from investors such as General Atlantic, Untitled Investments, Willoughby Capital and Soma Capital.

(Reporting by Manya Saini in Bangalore; Editing by Shinjini Ganguli)

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