▼ Summary
– Klarna and Bolt partnered to integrate Klarna’s buy now, pay later options into Bolt’s checkout system, starting in the U.S. later this year.
– Bolt’s CEO described the partnership as a shift in commerce, offering a flexible customer experience without new contracts or technical hurdles.
– Klarna aims to expand its U.S. presence and merchant loyalty by embedding its payment options across Bolt’s network.
– Bolt has faced challenges, including legal issues and investor concerns, with its founder returning as CEO in 2023 after stepping down in 2022.
– Bolt is seeking new funding, including a recent $600 million target, and has partnered with Palantir to launch AI-powered personalized checkout features.
Bolt and Klarna have joined forces in a strategic partnership that integrates Klarna’s flexible payment solutions directly into Bolt’s checkout platform. This collaboration will enable merchants using Bolt’s system to offer Klarna’s popular buy now, pay later options, including Pay in 4 and monthly financing, to customers both online and in physical stores. The rollout begins in the U.S. later this year before expanding globally.
Ryan Breslow, Bolt’s co-founder and CEO, emphasized that this partnership represents more than just a standard integration. “This isn’t just another BNPL option, it’s a transformative shift in commerce,” he said. The goal is to deliver a seamless, contract-free experience for shoppers while eliminating technical hurdles for merchants.
For Klarna, the deal strengthens its U.S. presence at a critical time. The company, which has been eyeing an IPO, sees the partnership as a way to deepen merchant loyalty and expand its reach. “Embedding Klarna into Bolt’s extensive merchant network means consumers can access our payment solutions wherever they shop,” a Klarna spokesperson noted.
The timing is significant for Bolt, which has faced turbulence in recent years. After Breslow returned as CEO in March, the fintech has been working to rebuild investor confidence. Reports surfaced in August about a potential $450 million funding round at a $14 billion valuation, though details remained unclear. More recently, Bloomberg revealed Breslow is now seeking at least $600 million, with half earmarked for Bolt and the other half for his new venture, Love.
Bolt’s recent moves suggest a deliberate push to reposition itself. Earlier this month, the company teamed up with Palantir to develop an AI-driven checkout system that personalizes the shopping experience by remembering customer preferences. This technology will also power Bolt’s upcoming SuperApp, a one-stop platform for crypto and everyday payments.
By aligning with high-profile partners like Klarna and Palantir, Bolt aims to reinforce its credibility as it navigates fundraising efforts. The partnerships could signal a turning point for the fintech, helping it move past past challenges and solidify its place in the evolving payments landscape.
(Source: TechCrunch)
