One-click checkout FinTech Bolt is reportedly cutting 50 roles, around 10 per cent of its workforce.

US business publication The Information reports that the company has now culled more than half of its headcount since May 2022, with a source stating that the most recent cuts targeted employees with poor performance ratings, although performance was not the basis for all the cuts.

An earlier round of layoffs affected 250 employees and came just months after Bolt raised $355 million at a valuation of $11 billion.

Bolt chief executive Maju Kuruvilla recently said that “quite a few” of the company’s bets, including partnerships, new products and acquisitions, hadn’t worked out.

Bolt was recently touted to buy embattled crypto exchange Wyre at a reported fee of $1.5 billion but last September pulled out of the deal, which it hoped would “decentralise and democratise commerce” through integrating Wyre’s crypto stack.

At the time, Ryan Breslow, founder and executive chairman at Bolt, said that the acquisition is the fulfillment of a “long-time ambition,” and that when he wrote the draft business plan for Bolt, he had “always imagined cryptocurrency at its centre”.

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